How does HR maintain knowledge about the labor market?

To compete successfully, your business needs reliable, current information about conditions and expectations that influence the labour market. It is in your best interest to have a good understanding of some or all of these topics:

economy

globalization

demographics

labour market trends

industry/sector activity

employment standards

workplace health and safety

occupational forecasts

job descriptions and wage information

technological change.

Your ability to benefit from each source of labour market information depends on understanding its nature and its uses.

Thanks for the invitation

Good question

Agreed with Mr.:Jetley,s answer

agree with Vinod Jetley

Labor Market Information (LMI) could be described as the body of knowledge that reports information on the number of people employed or unemployed, unemployment rates, average wages, population, income, occupational projections and other economic variables. The LMI Department, through federal grants with the Bureau of Labor Statistics and the Employment and Training Administration, operates statistical programs to capture and report economic information.   Answer given by Mr. Vinod Jetley is well explained .

Its important for HR to continue keeping an eye and follow labor market for any changes.

I agree with the opinion of colleagues

Keep up to date with the market trend and rest I agreed with Mr. Jetley answer

To provide knowledge on  labor policy.

i agree with give opinions.