The labor force participation rate (LFPR) is a measure of the proportion of a country’s working-age population that engages actively in the labor market, either by working or looking for work.
It is an important labor market measure because it represents the relative amount of labor resources available for the production of goods and services.
Formula to calculate LFPR.
Based on the previous national census in August 2019, the working age population in Kajiado county was 300,000. Employed persons were 150,000 and unemployed persons were 50,000. Find the labor force participation rate.
Therefore, the LFPR is 66.67%.