Last modified on February 5, 2024, at 23:07

Difference between revisions of "Labor force"

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The '''labor force''' consists of all [[persons employed]] or seeking to be employed.<ref name=def> "the labor force — those who have a job or are looking for one"  
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The '''labor force''' consist of people with jobs (see [[Employed]]) as well as people who are jobless but looking for work (compare "[[hard-core unemployed]]").<ref name=def>"the labor force — those who have a job or are looking for one"  
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[http://www.washingtontimes.com/news/2013/apr/6/dropouts-discouraged-americans-leave-labor-force-d/ Dropouts: Discouraged Americans leave labor force in droves] - ''[[Washington Times]]''</ref>
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[https://www.washingtontimes.com/news/2013/apr/6/dropouts-discouraged-americans-leave-labor-force-d/ Dropouts: Discouraged Americans leave labor force in droves] - ''[[Washington Times]]''</ref>
 
*People without a job who stop looking for one are no longer counted as unemployed.<ref name=def/>
 
*People without a job who stop looking for one are no longer counted as unemployed.<ref name=def/>
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In 2015, the American labor force participation rate was less than 65 percent:
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*There are more job openings available in America today than at any point since the Bureau of Labor Statistics first started tracking vacancy data back in December 2000. Yet the percentage of adult Americans working or actively looking for a job stands at 62.6 percent, the lowest level in nearly four decades. <ref>[https://www.usnews.com/news/the-report/articles/2015/07/16/unemployment-is-low-but-more-workers-are-leaving-the-workforce Unemployment Is Low But More Workers Are Leaving the Workforce] - US News & World Report</ref>
  
 
See [[Employment and unemployment]]
 
See [[Employment and unemployment]]
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== Labor productivity ==
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''See also:'' [[Labor productivity]]
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According the U.S. Labor Bureau of Statistics, [[labor productivity]] is a measure of [[Economics|economic]] performance that compares the amount of output with the amount of labor used to produce that output."<ref>[https://www.bls.gov/k12/productivity-101/content/what-is-productivity/what-is-labor-productivity.htm Productivity 101],  U.S. Labor Bureau of Statistics</ref>
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Investopedia says about the importance of labor productivity to an economy, "Labor productivity is largely driven by investment in capital, technological progress, and human capital development. Labor productivity is directly linked to improved standards of living in the form of higher consumption. As an economy's labor productivity grows, it produces more goods and services for the same amount of relative work. This increase in output makes it possible to consume more of the goods and services for an increasingly reasonable price."<ref>[https://www.investopedia.com/terms/l/labor-productivity.asp Labor Productivity: What It Is, How to Calculate & Improve It], Investopedia</ref>
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According to Yahoo Finance: "Efficiency in production, also coined as productivity, is one of the major driving forces behind economic resilience in a country."<ref>[https://finance.yahoo.com/news/25-most-productive-countries-per-185738034.html 25 Most Productive Countries Per Capita], Yahoo Finance</ref>
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Investopedia indicates: "[[Education]] tends to raise productivity and creativity, as well as stimulate entrepreneurship and technological breakthroughs. All of these factors lead to greater output and economic growth."<ref>[https://www.investopedia.com/articles/economics/09/education-training-advantages.asp#:~:text=Education%20tends%20to%20raise%20productivity,greater%20output%20and%20economic%20growth. How Education and Training Affect the Economy]</ref>
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== Labor productivity by country in 2024 ==
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<br />
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[[File:Map of labor productivity around the world.png|thumbnail|1250px|center|Investopedia says about the importance of labor productivity to an economy, "Labor productivity is largely driven by investment in capital, technological progress, and human capital development. Labor productivity is directly linked to improved standards of living in the form of higher consumption."<ref>[https://www.investopedia.com/terms/l/labor-productivity.asp Labor Productivity: What It Is, How to Calculate & Improve It], Investopedia</ref>
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<br />
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<br />
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According the Yahoo Finance: "According to Yahoo Finance: "Efficiency in production, also coined as productivity, is one of the major driving forces behind economic resilience in a country."<ref>[https://finance.yahoo.com/news/25-most-productive-countries-per-185738034.html 25 Most Productive Countries Per Capita], Yahoo Finance</ref> 
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The world map above gives the labor productivity rate by country in 2024.<ref>[https://worldpopulationreview.com/country-rankings/most-productive-countries Most Productive Countries 2024]</ref>]]
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{{Clear}}
  
 
==Notes==
 
==Notes==
 
<references />
 
<references />
  
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[[category:economics]]
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[[Category:Economics]]
 
[[Category:Employment]]
 
[[Category:Employment]]
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[[Category:Factors and Methods of Production]]

Latest revision as of 23:07, February 5, 2024

The labor force consist of people with jobs (see Employed) as well as people who are jobless but looking for work (compare "hard-core unemployed").[1]

  • People without a job who stop looking for one are no longer counted as unemployed.[1]

In 2015, the American labor force participation rate was less than 65 percent:

  • There are more job openings available in America today than at any point since the Bureau of Labor Statistics first started tracking vacancy data back in December 2000. Yet the percentage of adult Americans working or actively looking for a job stands at 62.6 percent, the lowest level in nearly four decades. [2]

See Employment and unemployment

Labor productivity

See also: Labor productivity

According the U.S. Labor Bureau of Statistics, labor productivity is a measure of economic performance that compares the amount of output with the amount of labor used to produce that output."[3]

Investopedia says about the importance of labor productivity to an economy, "Labor productivity is largely driven by investment in capital, technological progress, and human capital development. Labor productivity is directly linked to improved standards of living in the form of higher consumption. As an economy's labor productivity grows, it produces more goods and services for the same amount of relative work. This increase in output makes it possible to consume more of the goods and services for an increasingly reasonable price."[4]

According to Yahoo Finance: "Efficiency in production, also coined as productivity, is one of the major driving forces behind economic resilience in a country."[5]

Investopedia indicates: "Education tends to raise productivity and creativity, as well as stimulate entrepreneurship and technological breakthroughs. All of these factors lead to greater output and economic growth."[6]

Labor productivity by country in 2024


Investopedia says about the importance of labor productivity to an economy, "Labor productivity is largely driven by investment in capital, technological progress, and human capital development. Labor productivity is directly linked to improved standards of living in the form of higher consumption."[7]

According the Yahoo Finance: "According to Yahoo Finance: "Efficiency in production, also coined as productivity, is one of the major driving forces behind economic resilience in a country."[8]

The world map above gives the labor productivity rate by country in 2024.[9]

Notes

  1. ↑ 1.0 1.1 "the labor force — those who have a job or are looking for one" Dropouts: Discouraged Americans leave labor force in droves - Washington Times
  2. ↑ Unemployment Is Low But More Workers Are Leaving the Workforce - US News & World Report
  3. ↑ Productivity 101, U.S. Labor Bureau of Statistics
  4. ↑ Labor Productivity: What It Is, How to Calculate & Improve It, Investopedia
  5. ↑ 25 Most Productive Countries Per Capita, Yahoo Finance
  6. ↑ How Education and Training Affect the Economy
  7. ↑ Labor Productivity: What It Is, How to Calculate & Improve It, Investopedia
  8. ↑ 25 Most Productive Countries Per Capita, Yahoo Finance
  9. ↑ Most Productive Countries 2024