Labor market information is data about employment by location and occupation, labor supply and demand, earnings, unemployment, and demographics. Workforce and labor market information is essential to the nation’s economy, providing for the efficient operation of labor markets by supplying quality labor market intelligence.
Accurate, objective, relevant, timely, and accessible workforce and labor market information is critical for:
- Building a skilled workforce that spurs business competitiveness and economic growth;
- Strengthening career pathways and guiding skill attainment for good jobs, economic opportunity, and career growth;
- Understanding the rapidly changing nature of work and how it impacts the workforce and U.S. economy; and
- Spending workforce training and education funds effectively.
The following resources are offered as first or next steps to better understand LMI.