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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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  1. Labor Market Information Part 1 Produced in Collaboration between World Bank Institute and the Development Data Group (DECDG)

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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?

  9. 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

  10. 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

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