1) The labour market is a concept of supply and demand of workers and jobs within a geographical or occupational area.
2) It’s important to understand what the labour market is because it basically denotes what jobs there is and is not need of currently. This is especially helpful for newly-graduated students heading into university, because it gives them an idea of what jobs are and will be needed in the future and (and thus, which jobs they might have better chances finding) compared to other jobs.
3) I learned that some industry groups (such as construction and business, building, and other support services) have high rates of unemployment due to the lack of jobs in those particular areas.
4) The 2012 unemployment rate for Alberta was 4.6%.