when employers have a larger pool of applicants to choose from they can be pickier or force down wages conversely as the unemployment rate drops employers are forced to compete more heavily for available workers the competition for workers has the effect of increasing wages wages determined by the job market provide valuable information for economic analysts and those who set public policy based on the state of the overall economy 
the highest rate of unemployment in the u s which was documented in 1933 1during difficult economic times unemployment tends to rise as employers may reduce their staffing numbers and create fewer new jobs making it harder for people trying to find work high rates of unemployment can prolong economic stagnation a sustained period of little to no growth in an economy and contribute to social upheaval leading to the loss of opportunities for many individuals to live comfortably a report called the current population survey can measure the state of the job market it s a statistical survey performed every month by the u s bureau of labor statistics bls the study includes a representative sample of about 60 000 homes to try and determine the unemployment rate of specific regions earnings of those surveyed hours the respondents worked and many other demographic factors 2example of a job marketthe bls publishes regular snapshots of the job market titled employment situation summaries according to the november 2023 report total employment for non farm payrolls rose by 199 000 for the month and the unemployment rate which is a lagging indicator fell to 3 7 industries such as health care and government saw job gains during this time as did manufacturing due to return of workers from strikes employment in the retail sector fell 3