The relationship between school characteristics and labor market outcomes was examined through a literature review and an econometric analysis of the effects of various characteristics of the schooling experience on students' labor market performance after high school. Data from the National Center on Education Statistics' longitudinal survey of students (High School and Beyond 1980), were subjected to a number of regressions using two different models. It was discovered that schools make a difference in the labor market performance of those graduates who enter the labor market directly after high school. Some particular characteristics were identified as affecting earnings; however, the aggregation of the school characteristics assembled did not decisively explain differences in the job market performance. Attending a school where up-to-date local job listings were available and information on finding a job was provided, higher family income, higher school test scores, and participation in academic education were all linked with higher postschool earnings, whereas per-pupil expenditure, class size, teacher salaries, and teacher experience were not. (Appended are the following: summary of relevant studies; sources/definitions of variables; means and standard deviations for variables used in the regressions; and the two models.) (MN)