The total number of vacant jobs (labor demand) open to those seeking employment (labor supply). Group of institutions, laws and agents where the main product that is negotiated is: work, normally measured in hours. It is usually regulated by labor laws and by collective agreements. Also known as labour market or labor market.

The job market is mainly formed by two types of agents: those who offer work hours in exchange of a price (salary or wage) are workers or employers (labor supply) while other agents demand work hours as a factor of production; companies or employees (labor demand). The labor market is composed of people over 16 years old and over who are working or actively looking for work.

The job market indicators are:

• Labor Force Participation Rate: obtained by dividing the number of people in the labor force by the total number of people at the same age range. In the US it is usually about 67-68%.
• Unemployment Rate: dividing people unemployed by the total people in the labor force.
• Employment/Population Ratio: ratio which tends to go higher during booms and down during recessions, is obtained by dividing the job-holding population by the total people at the same age range (the labor force).