Labour market dynamics

Labour market dynamics refer to the ongoing movements of jobs and workers within the economy. They include factors like job openings, unemployment rates, wages, and worker skills. When demand for workers is high, wages tend to rise, and unemployment decreases. Conversely, if businesses slow down or technology changes, some jobs may decline, causing unemployment to increase. The market continuously adjusts as workers acquire new skills and businesses change their hiring needs. Overall, these dynamics determine how easily people find jobs, how much they earn, and how efficiently the economy allocates its human resources.