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Labor Market Information. Part 1. Produced in Collaboration between World Bank Institute and the Development Data Group (DECDG). What are labor statistics?. What are labor economics? Understand functioning and dynamics of the market for labor.

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slide1

Labor Market Information

Part 1

Produced in Collaboration between World Bank Institute and

the Development Data Group (DECDG)

what are labor statistics
What are labor statistics?

What are labor economics?

  • Understand functioning and dynamics of the market for labor.

Focus of labor economics

  • Supply of labor (workers)
  • Demand for labor (employers)

Microeconomic techniques

Macroeconomic techniques

Look at the interrelations between labor market, goods, money, and the foreign trade market

Study the role of individuals and individual firms in labor market

what are labor statistics1
What are labor statistics?

What is a labor market?

  • Interaction of workers and employers

Labor statistics

  • Systematic collection and analysis of data describing relationship between labor demand and supply
  • Also referred to as labor market information
  • Critical to understand dynamic labor market
why do we need labor market information
Why do we need labor market information?

Users of labor statistics

More detail provided on data users in Module 10 of this course

Private sector

Government

Academia

Individuals

why do we need labor market information1
Why do we need labor market information?

Uses

General use: Tracking and monitoring economy

1. Policy makers (national, local governments)

  • Develop and review effectiveness of policies to:
    • Reduce unemployment
    • Generate employment
    • Plan/develop training programs
why do we need labor market information2
Why do we need labor market information?

Uses

2. Industry and business

  • Looking for site locations
  • Attracting and retaining skilled workers
  • Assessing scope and size of potential markets

3. Labor unions

  • Wage and compensation levels
  • Local working conditions
  • Training needs
why do we need labor market information3
Why do we need labor market information?

Statisticians provide data on the world in which we live

Data produced critical to developing countries

  • Statistics enhance decision-making process
  • Tool for making informed decisions and plans
labor market information
Labor Market Information

What is a labor market information system (LMIS)?

1. Data sets which examine the current labor market

  • Unemployment, employment, and other descriptive data
  • Compare demographic groups and geographic regions
  • What jobs are available?
  • What skills are needed in the labor market?
  • What are typical salaries/wages for an occupation?
labor market information1
Labor Market Information

What is a labor market information system?

2. Examine changes and trends over time

3. How well is the economy functioning?

  • Assess growth
  • Macro-economic monitoring
labor market information2
Labor Market Information

What is a labor market information system?

4. Strategic planning and policy decisions

  • Income support
  • Training programs
  • Employment policies
  • Social programs
  • Respond to needs of labor market

5. Match labor supply with demand

  • Provide data on localities to firms seeking to expand into new locations