Labor Force Participation Rate

Introduction to Labor Force Participation Rate

The labor force participation rate (LFP) is the percentage of the working-age population currently in the labor force. In this formula, LFP represents the labor force participation rate, Labor Force is the number of people who are employed or actively seeking employment, and Working Age Population is the total population in the working-age range. The result is expressed in percentage.

Parameter usage:

• Labor Force = number of people who are employed or actively seeking employment
• Working Age Population = total population in the working-age range

Output:

• LFP = labor force participation rate in percentage

Data validation

The numbers should be greater than or equal to zero. An error message should be displayed if the laborForce is greater than the workingAgePopulation.

Summary

This calculator helps in determining the labor force participation rate, providing insights into the proportion of the population currently engaged in the labor force.