This page provides information and resources on labour market information, or LMI as it is generally referred to. This includes details on what LMI is, how it can be beneficial to you, and what other terms are used and can help you understand and better use LMI.
Labour Market Information (LMI) describes any type of information used to make informed decisions about the labour market. Some notable properties of LMI are as follows:
- LMI can be information based on numbers, such as detailed statistics related to: employment wages and salaries, businesses and employees, industry sectors, as well as occupational trends and future employment forecasts.
- LMI can also include other kinds of descriptive information as well, such as details regarding: duties related to a specific job, the role and impact of emerging technologies, the workplace, how working conditions are changing over time, and the cost of living relative to the availability of employment opportunities. Information related to employment standards and qualifications, education and training, and career options would also be included here.
- LMI can be as complex as the data found in carefully analyzed charts, tables and reports but can also be as simple and common as the news stories you see on your TV or computer, the information you pick up from other people (such as from teachers, parents, and friends), and the details you collect through announcements made by government, business, and industry groups.
- LMI is anything that provides timely, relevant and accurate information about the labour market and helps you make important decisions related to that labour market (either for your own benefit or for other people’s).
How LMI Can Help You
Labour market information is any information that assists people from various walks of life in making informed decisions about the labour market. LMI on occupations or industry, for example, can help you make important decisions about study and training, your first job, or the next step in your career. Having quality and timely LMI also allows us to prepare for the economy of tomorrow, by ensuring the right people are available for future work and also by encouraging the development of new skills which can take our economy in new, productive directions. The best LMI provides us with information to make positive labour market changes which benefit everybody.
Glossary of Key Terms
Working-age population – all those aged 15 to 64 years, whether or not they are part of the labour force.
Labour force – all those aged 15 or older who are currently employed or actively looking for work.
Participation rate – the labour force divided by the working-age population, expressed as a percentage.
Unemployment rate – the number of unemployed workers divided by the number of workers in the labour force. The result is converted into a percentage.
Statistics Canada – Canada’s national statistics agency. For further details please click here.
National Occupational Classification, or NOC – An occupational coding system maintained by Statistics Canada that uses 4-digit codes to classify workers based on the type of occupation and the education and skills generally required for that occupation.
North American Industry Classification System, or NAICS – A North American wide system used to organize business and industry statistics in Canada (administered by Statistics Canada), the United States and Mexico.
Labour Force Survey, or LFS – A monthly survey conducted by Statistics Canada which measures the current state of the Canadian labour market and is used, among other things, to calculate the national, provincial, territorial and regional employment and unemployment rates as well as other key labour market related statistics.
NL Stats – Newfoundland and Labrador Statistics Agency. The agency produces a variety of statistics monthly. View the entire listing here.