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The identification of labour market issues critically rests on the availability of data, information and analysis Labour market information (LMI) provides an essential basis for employment and labour policies, and informs the design, implementation, monitoring and evaluation of policies that are better focused and targeted. LMI also contributes to a reduction in the transaction costs of labour markets as it helps overcome incomplete information of labour market agents.
Find more details here, in a report prepared by ILO.