NEESC-Resources

Labour Market Information

What is a Labour Market?

The Labour Market is a “meeting place” for employers (with specific needs) and workers (with required skills). Labour Market Information (LMI) includes information on:

  • Demand – Employers want to attain the best workers
  • Supply – Job seekers want to promote their skills and experience

LMI can help job seekers make comparisons when looking for a job or moving to a new place. It can also help business owners identify new markets for their service or product, or to decide where to expand if theirs is a business that requires a high number of workers or workers with a particular skill set.

Why use LMI?

  • The Market has changed in the last decade. You need to be searching for industry sectors that are in demand, not shrinking.
  • You need to be working in industries that are predicted to grow.
  • Helps you in planning and assessing your job opportunities. You may need to change or adjust your job goals.
  • Leads you to conclusions about what type of work is available in different industries at different times.
  • Helps you to focus on skills that are in demand, and identify and develop skills that are marketable.
  • Makes you competitive in job finding in the current market.
  • Information about conditions in the labour market
  • Future predictions for growth and decline
  • Descriptions of all industries and their activities
  • Data on employment and unemployment in all industries
  • Descriptions of jobs, qualifications & educational requirements
  • Identification of wages, standards and working conditions
  • Where the jobs are in BC’s Labour Market
  • Industrial shifts
  • Innovations in technology and globalization of trade
  • Demographic changes
  • Workers shifting to non-standard employment categories
  • The service sector is forecast to grow more rapidly than the goods producing sector
  • Unemployment rates are higher and more volatile in the goods sector
  • Small businesses are the biggest employers in both goods and services sectors
  • Globalization of trade means freer and more intense worldwide exchange of goods and services across international borders
  • Technology helps make globalization possible; computers can be linked across companies, countries and continents.
  • Technology changes the work we do and impacts job creation.
  • Jobs now involve (and require) greater computer literacy
  • Re-engineering of companies
  • Traditional clerical jobs have changed
  • Retail sales and services have become automated
Learn more about the status of the labour market across Canada by reviewing the events of the local labour market, as well as documents that summarize the economic and labour market trends for your province or area: