ABSTRACT
For most American households, the labor market is the most important part of the economy. Between 2007 and 2011, households collectively derived an average of 75 percent of their annual income from the wages and salaries earned through paid employment. 1 Participation in the labor market is what enables households to satisfy their material needs, save for the future, and contribute their talents to the larger economy. For those reasons, the health of local labor markets matters greatly to regional well-being. When jobs are plentiful, an economy booms and households thrive, but when jobs are scarce, an economy slumps and households struggle to make ends meet.
