UK Accounting Glossary
In macroeconomic statistics, the labour force is the sum of all employed and unemployed adults. The Bureau of Labor Statistics estimates the approximate size of the labour force regularly. Each individual age 16 or above is categorized as being employed, unemployed, or not in the labour force, according to current and recent guidelines. The most common reasons for a non-child to be classified not in the labour forces are to be retired, a student, or institutionalized. The size of the labour force changes over time. Labour force fluctuations occur due to a combination of demographic, social, and seasonal trends as well as macroeconomic conditions. In general, the majority of the population is part of the labour force. For example, the US labour force in 2000 averaged 141 million. In addition, the population included about another 69 million people not in the labour force.
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This glossary post was last updated: 10th February 2020.