In 2014，China’s labor market maintains at a stable situation throughout the year，and substantial employment opportunities are created. For the first three quarters，a total of 10.82 million urban jobs were created，which already accomplished the annual target of 10 million set at the beginning of the year. The urban registered unemployment rate still maintains at a low level of 4.07%，which is below the 4.6% control level. In recent years，behind the stable employment situation，the fundamental condition of employment development keeps changing. The key problem of employment situation has transformed from total amount shortage to the coexistence of both total amount shortage and structural insufficiency，where the latter becomes more significant. During the process of industrial transformation，the new normal phase of economic development has posed serious challenge to employment and provided opportunities at the same time. Therefore，government should have a better understanding of the new normal phase and provide timely solutions and policies.