Question

Is the current the labor market weak or strong? Please give an economics perspective and future expectation.

Answer 1

• Labor market is also known as job market. It is the supply for labor and demand for labor.Here,the employees supply and the employers are the demand.This is the main part of an economy and it is tied to goods services and capital. It is a place where employees and workers come into interaction. Here the employers will have a competition in hiring the best candidates and the employers will have competition in getting their desired job.
• The current status is that ,the unemployment rate of single individuals are more than the married ones. It is also little bit higher than coexisting individuals. The people with lower educational level are unemployed and they also marry at low rates. But,the people having bachelor's degree are employed and most of them are married.
• Automation,Artificial Intelligence and Digitalization are changing the working environment.As technology creeps in,the reduction of workers from unsafe areas will take place.This will affect both physical and knowledge work. If this is the scenario,the employers will not require low/semi skilled workers.Thus,the researches suggest that,new positions and roles will emerge,but the over all number of workers will reduce.