Job Market Growth
The job market can be defined as a place where the employees look for jobs and the employers look for workers. The job market is not a physical place, rather, it is a concept that illustrates the interplay and interaction between different forces found in the job market. Depending on the economy of a country, there can be a job market growth or job market decline. Growth or decline in the job market can also be affected by the level of education, specific job functions or the specific industries in a given area.
There is a direct relationship between job market and the unemployment level, the reason I say so is because when there is high unemployment level then the labor supply will be more which will, in turn, affect the overall job market. When the labor supply is high, it means the employers can lower the wages or be more choosy when it comes to selecting employees. When the unemployment rate is low it will still affect the job market since wages will rise and the employees will have to compete for employees. Cities like in North Texas and their surrounding areas have the countries best growth right now. There are definitely jobs in Frisco, Texas.
On the other hand, job market growth is a report that is usually given by the Bureau of Labor Statistics every month, the job market stats usually outlines the number of jobs that were created in the job market the previous month. When there are about 100,000 to 150,000 jobs created in the American economy where we have a new entry in the workforce, then it means there has been a minimum job market growth.
According to the job market stats released by Bureau of Labor Statistics at the end of April 2017 showed that there were 211,000 jobs provided in that month which saw the unemployment decrease by 4.4%. Job growth has been occurring in the last 78 months were April 2017 marked the 79th month. In addition to the increase in the number of those employed, the average earning also increased where income per hour was increased by seven cents.
Under this subject, there is also the topic about the Monster Employment Index which outlines the jobs that the employers are interested in filling. when the index figure is high, it means that the number of employers interested in filling jobs in that industry is few. High monster employment index can be advantageous or disadvantageous depending on the market, for example when the index figure is high in a bond market it will have a negative impact since it is likely to create inflation. However, in the stock market, a high index figure will be advantageous since it will result to the demand for jobs rising which indicates a stable economy.