Labor force
In economics the people in the labor force are the suppliers of labor. In the United States, the labor force is defined as people 16 years old or older who are employed or looking for work.
Normally, the labor force consists of everyone of working age (typically above a certain age (around 14 to 16) and below retirement (around 65) who are participating workers, that is people actively employed or seeking employment. People not counted include students, retired people, stay-at-home parents, people in prisons or similar institutions, as well as discouraged workers who simply do not want work.
The ratio between the labor force and the overall size of their cohort (national population of the same age range) is known as the labor force participation rate (# of employed workers/total # in labor force). In the West during the latter half of the 20th century, the labor force participation rate increased significantly, largely due to the increasing number of women entering the workplace. Conversely, the labor force participation rate can decrease when the rate of growth of the population outweighs that of the employed and unemployed together.
The fraction of the labor force that cannot find work determines the unemployment rate.
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Articles to be merged since November 2006 | Labor