- Labor force
economicsthe people in the labor force are the suppliers of labor. In 2005, the worldwide labor force was over 3 billion people. [US Central Intelligence Agency [https://www.cia.gov/library/publications/the-world-factbook/rankorder/2095rank.html The World Factbook: Labor Force by Country] . Accessed June 17, 2007.]
Normally, the labor force of a country (or other geographic entity) consists of everyone of working age (typically above a certain age (around 14 to 16) and below retirement age who are participating workers, that is people actively employed or looking for work.
Child labor laws in the United Statesforbid employing people under 18 in hazardous jobs.
The fraction of the labor force that is seeking work but cannot find it determines the
Labor force participation rate
The labor force is the number of people employed and unemployed. Participation rate is the ratio between the labor force and the overall size of their cohort (national population of the same age range). 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. Claudia Goldin and others, specifically point that by the mid 1970s there was a period of revolution of women in the labor force brought on by a source of different factors. Women more accurately planned for their future in the work force, investing in more applicable majors in college that prepared them to enter and compete in the labor market. In the United States, the labor force participation rate rose from approximately 59% in 1948 to 66% in 2005 [http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS11300000&years_option=specific_years&include_graphs=true&to_year=2006&from_year=1948] , with participation among women rising from 32% to 59% [http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS11300002&years_option=specific_years&include_graphs=true&to_year=2006&from_year=1948] and participation among men declining from 87% to 73% [Breaking down the male participation rate by age bracket shows a marked decline in participation among men 55 and over from approximately 71% in 1948 to 44% in 2005 [http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS11324231&years_option=specific_years&include_graphs=true&to_year=2006&from_year=1948] . Among younger age groups a decline is noticeable, but not nearly as drastic. [http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS11300061&years_option=specific_years&include_graphs=true&to_year=2006&from_year=1948] ] [http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS11300001&years_option=specific_years&include_graphs=true&to_year=2006&from_year=1948] . 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 labor force participation rate is a key component in long term
economic growth, almost as important as productivity.
Pop = total population
LF = labor force = U + E
LFpop = labor force population
p = participation rate = LF / LFpop
E = number employed
e = rate of employment = E / LF
U = number of unemployed
u = rate of unemployment = U / LF
--The labor force participation rate explains how an increase in the unemployment rate can occur simultaneously with an increase in employment. If a large amount of new workers enter the labor force but only a small fraction become employed, then the increase in the number of unemployed workers can outpace the growth in employment. [Peter Barth and Dennis Heffley [http://www.cteconomy.uconn.edu/TCE_Individual_Articles/Spring_2004/LocalLaborForceParticipationRates.pdf "Taking Apart Taking Part: Local Labor Force Participation Rates"] University of Connecticut, 2004.]
List of countries by labour force
* [http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS11300000 U.S. Bureau of Labor Statistics page on the Labor Force Participation Rate]
Notes and references
Wikimedia Foundation. 2010.
Look at other dictionaries:
labor force — labor ,force noun count usually singular all the people who work in a company or industry, or in a particular region or country: Women now make up 47 percent of the labor force. the productivity of the American labor force … Usage of the words and phrases in modern English
labor force — UK US noun [C] US HR ► LABOUR FORCE(Cf. ↑labour force) … Financial and business terms
labor force — noun the source of trained people from which workers can be hired • Syn: ↑labor pool • Hypernyms: ↑labor, ↑labour, ↑working class, ↑proletariat * * * ˈlabour force [labo … Useful english dictionary
Labor force — Due to the Soviet legacy, the Russian workforce is highly educated and enjoys nearly universal literacy. Nine out of 10 Russian workers have completed secondary education or higher. Gender equality is also high, with women making up nearly… … Historical Dictionary of the Russian Federation
labor force — Workers. U.S. Department of Commerce labor force statistics include employed and unemployed persons sixteen years old or older who either have jobs or are actively looking for and available for employment … American business jargon
labor force — la′bor force n. work force • Etymology: 1880–85 … From formal English to slang
labor force — 1. See work force. 2. (in the U.S.) the body of people who are at least 14 years old and are either employed or available for employment. [1880 85] * * * … Universalium
labor force — noun Date: 1863 workforce … New Collegiate Dictionary
labor force — noun The collective group of people who are employed … Wiktionary
labor force — all of the wage earning workers … English contemporary dictionary