labor market

the available supply of labor considered with reference to the demand for it.

1825–35 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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American Heritage
Cultural Dictionary

labor market definition

An area of economic exchange in which workers seek jobs and employers seek workers. A “tight” labor market has more jobs than workers. In a “slack” labor market, the reverse is true.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Example sentences
With the labor market turning a cold shoulder to new graduates, simply staying
  at home seems the only option.
What is important to the future is what job prospects will be for the increased
  number of graduates coming into the labor market.
With low-level skills, they have had an awful time in the labor market.
Poorly paid and abused adjunct faculty should quit their jobs and reenter the
  labor market.
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