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):

$\backslash text\{Labour\; force\}\; =\; \backslash text\{Employed\}\; +\; \backslash text\{Unemployed\}$

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 don't, although they are looking for a job (i.e., the unemployed), or (3) can work but don't, 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.



The labour force participation rate is defined as the ratio of the civilian labour force to the noninstitutional civilian population.

$\backslash text\{Labour\; force\; participation\; rate\}\; =\; \backslash dfrac\{\backslash text\{Labour\; force\}\}\{\backslash text\{Noninstitutional\; civilian\; population\}\}$ Provided by Wikipedia