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5. What are the labor Force and labor force participation rate and how are they calculated?...

5. What are the labor Force and labor force participation rate and how are they calculated? What information do you need to calculate it? What is unemployment rate and how is it calculated?

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Answer #1

Labour force in simple terms is the sum of employed and unemployed people

Labor force participation rate is the ratio of labour force to the total adult population of the country

Adult population includes the age between 16 to 64 who are capable to join the workforce

Unemployment rate is the ratio of number of unemployed people to the total labour force

Unemployes people are those who are not actively contributing in the workforce but looking for the work for the last four weeks

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