Financial Glossary: Labor Force


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Labor Force

Labor Force

The number of people employed plus the number of unemployed .

In Economics the people in the labor force are the suppliers of labor. In 2005, the worldwide labor force was over 3 billion people.

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 States forbid employing people under 18 in hazardous jobs.

The fraction of the labor force that is seeking work but cannot find it determines the unemployment rate.

Posted by Information Management Network LLC.

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