Workforce

In macroeconomics, the workforce or labour force is the sum of people either working (i.e., the employed) or looking for work (i.e., the unemployed): Labour force = Employed + Unemployed {\displaystyle {\text{Labour force}}={\text{Employed}}+{\text{Unemployed}}} Those neither working in the marketplace nor looking for work are out of the labour force. The sum of the labour force and out of the labour force results in the noninstitutional civilian population, that is, the number of people who (1) work (i.e., the employed), (2) can work but do not, although they are looking for a job (i.e., the unemployed), or (3) can work but do not, and are not looking for a job (i.e., out of the labour force). Stated otherwise, the noninstitutional civilian population is the total population minus people who cannot or choose not to work (children, retirees, soldiers, and incarcerated people). The noninstitutional civilian population is the number of people potentially available for civilian employment. Noninstitutional civilian population = Labour force + Out of the labour force = Employed + Unemployed + Out of the labour force = Total Population − People who cannot work {\displaystyle {\begin{aligned}{\text{Noninstitutional civilian population}}&={\text{Labour force}}+{\text{Out of the labour force}}\\&={\text{Employed}}+{\text{Unemployed}}+{\text{Out of the labour force}}\\&={\text{Total Population}}-{\text{People who cannot work}}\end{aligned}}} The labour force participation rate (LFPR) is defined as the ratio of the civilian labour force to the noninstitutional civilian population. Labour force participation rate = Labour force Noninstitutional civilian population {\displaystyle {\text{Labour force participation rate}}={\dfrac {\text{Labour force}}{\text{Noninstitutional civilian population}}}}