Labor force participation refers to the percentage of the working-age population (usually between 15 and 64 years old) that is either employed or actively seeking employment. It is a critical economic and demographic indicator that provides insights into the extent to which a population is engaged in the labor market. Labor force participation is often used to assess the health and vitality of an economy and to make predictions about future workforce trends.
In the United States, the labor force participation rate in July 2023 was 61.7%. This means that 61.7% of the population aged 15 to 64 were either employed or actively looking for work during that month. A rising labor force participation rate can indicate an improving economy, while a declining rate may suggest challenges such as joblessness or discouragement among potential workers.