labor market vs market place

labor market and market place both are nouns.

Word	Noun	Adjective	Verb	Adverb
labor market	Yes	No	No	No
market place	Yes	No	No	No

As nouns, market place is a hypernym of labor market; that is, market place is a word with a broader meaning than labor market:

labor market: the market in which workers compete for jobs and employers compete for workers
market place: the world of commercial activity where goods and services are bought and sold

Other hypernyms of labor market include market, marketplace.

labor market (noun)	market place (noun)
the market in which workers compete for jobs and employers compete for workers	the world of commercial activity where goods and services are bought and sold
	an area in a town where a public mercantile establishment is set up