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The labor force participation rate is the percentage of working-age persons in an economy who are employed, or are unemployed but looking for a job. Typically "working-age persons" is defined as people between the ages of 16-59.
The estimates of LFPR in different approaches provide information on the following aspects:
i) number of persons in labour-force - i.e., employed or unemployed-- according to
usual principal status (PS) and according to the principal and subsidiary status (SS) taken together (PS+SS),
People in those age groups who are not counted as participating in the labor force are typically students, homemakers, and persons under the age of 59 who are retired.