Labor Force Participation Rate

The labor force participation rate, in short, is the percentage of people who are either working or looking for work compared to the total civilian population.

The nitty gritty details are important though. The “labor force” doesn’t include kiddos, people who can’t work from disability, and people who gave up looking for work (they’re called “discouraged workers”...they’re probably even more discouraged now that they’re not even included in the labor force participation rate). Also, the total civilian population: "civilian" means no Armed Forces folk count, nor do people in prison or mental hospitals.

So if you’re thinking the labor force participation rate is just how many people are working, you'd be wrong. It’s more like...how many people are either working or looking for work compared to people who can work. The Bureau of Labor Statistics reports the labor force participation rate monthly in their Jobs Report. Nothing to do with the founder of Apple.