Peculiarities of functioning and regulation of the modern labor market

Methods. The study was based on the use of such methods of scientific knowledge as: abstraction – when forming the definition of the category of «labor market regulation»; factor analysis – when identifying factors influencing the labor market; general and specific – when determining the specifics of the functioning and regulation of the labor market; system approach – when identifying labor market regulation as a separate subsystem of the mechanism of state regulation of the economy. Results. The paper examines the features of the functioning and regulation of the labor market. It is determined that the labor market is an important sphere of economic and socio-political life of society. Its social role is demonstrated, which consists in the fact that the labor market forms the value of labor, determines the conditions of its hiring and payment, the possibilities of obtaining education and professional growth, and determines job guarantees. The labor market reflects trends in employment dynamics, labor mobility, and unemployment rates. Novelty. Factors influencing the functioning of the labor market are identified, namely: demographic, economic, social, legislative, organizational, institutional. It is demonstrated that through the combination of these factors, the labor market influences the development of the national economy as a whole. The mechanism of state regulation of the labor market is considered, which is a set of unified economic laws, methods and instruments that affect the level of employment, and also determine decisions aimed at stabilizing employment. Practical value. It is proved that labor market regulation should be considered as a set of management functions carried out by state authorities in order to balance the demand and supply of labor. Labor market regulation is defined as a complex system of measures and mechanisms that covers not only the sphere of employment, but also all elements of economic relations in society. The mechanism of labor market regulation is considered as a subsystem of the mechanism of state regulation of the economic system as a whole.