Contemporary Trends in the Labour Market: A Comparative Analysis of UK and Australia

Running head: THE LABOUR MARKET
THE LABOUR MARKET
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1THE LABOUR MARKET
Executive Summary
Labor market is a major factor that determines a nation’s economy. It is characterized by
various factors like wages, employment and unemployment rates, demographic and
geographic factors and others. The labor market operated within the chain of demand and
supply. This paper aims at analyzing the contemporary trends of the labor market. In order to
achieve this, the paper compares the labor market trends of the countries of UK and
Australia. The paper also demonstrates the significance and characteristics of the tight and
loose labor markets based on the model given by the economist, Stephen Taylor. In
conclusion, it can be said that the labor market trends directly affects a nation’s economy.

2THE LABOUR MARKET
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
Comparative Analysis of the Contemporary Labour Market Trends.....................................3
Wage Inequality.................................................................................................................3
Differences in Public and Private Sectors..........................................................................3
Different Types of Employment Contract..........................................................................4
Geographical Labour Divide between the North and South Divisions..............................4
Economic Growth or Decline in the Professional Sectors.................................................4
Demographics.....................................................................................................................4
Significance of Tight and Loose Labour Markets..................................................................5
Conclusion..................................................................................................................................5
References..................................................................................................................................6