• The labor market refers to the supply and demand for labor, where workers provide supply and employers provide demand.
  • The labor market should be considered both at the macroeconomic and microeconomic levels.
  • The unemployment rate and labor productivity are two important macroeconomic indicators.
  • Individual wages and hours worked are two important microeconomic indicators.
  • In the United States, the Bureau of Labor Statistics produces detailed reports on national and local labor markets.