What are the 3 main factors that affect the labor market

Economy - Macroeconomic conditions affect labor supply and demand. Job losses during a recession mean less disposable income for consumers and less demand for cars.

Globalization-Globalization involves the import of foreign automobiles and relocation of manufacturing facilities overseas. This has led to a steady decline in U. S. automobile-sector employment.

Compensation - Compensation includes wages and benefits. According to an April 2011 U. S. Bureau of Labor Statistics report, there has been upward pressure on wages and downward pressure on benefits.