Labour market information (LMI) is information concerning the conditions in, and the operations of, the market for labour. The labour market – like other markets – can be described in terms of supply and demand components. The supply side primarily refers to the number of potential workers and their characteristics whereas the demand side refers to employers' staffing requirements. In the labour market, labour services are exchan ged and it is the interaction of the workers and firms that determines, in part, the price of labour, the number of workers employed, and the working conditi ons attached to employment such as the work schedule and specific duties.
The Guide To Using Labour Market Information In Ontario is designed to make the important world of LM I more understandable and accessible. In particular, it:
- Describes how labour markets work;
- Presents key labour market def initions and calculations;
- Provides a brief background on interpreting labour market statistics;
- Discusses some key LMI data sources; and
- Highlights the major classification systems used in Canada for organizing employment data by occupat ion and industry.
This Guide should be particularly useful to: job seekers, students, guidance counsellors, corporate trainers, human resource professionals, community agencies, and Local Boards of Ontario.
This summary was taken from the Guide To Using Labour Market Information In Ontario, from the Ministry of Training, Colleges and Universities