The American labor market: Fact vs. Fiction

When we consider markets, we typically think of commerce – the buying and selling of goods and services, international trade, investing, supply and demand. Markets are the backbone of our economy. Almost everything has a market – food, medical care, toys, films and entertainment, weapons, drugs, stocks. But there is one market that surpasses them all in importance, without which no other market could exist – the labor market.

Labor is crucial for commerce. Without people to produce goods and services, commerce would cease to exist.