Example of LFPR
Suppose we have the following data:
- Total Population (Working Age): 200,000
- Employed Individuals: 120,000
- Unemployed Individuals: 10,000
The formula for calculating LFPR is:
LFPR = (Labor Force/Working Age Population)×100
Labor Force= Employed + Unemployed = 120,000 + 10,000 = 130,000
Now, plug these values into the formula:
LFPR=(130,000/200,000)×100
LFPR = 0.65×100
LFPR = 65%