Question

According to FRED, in the fourth quarter of 2014, the labor force was 2,394,000, employment equaled 2,254,500, and working-age population was 2,984,600 in New Zealand. Calculate the a. Labor force participation rate

Answer 1

Labor force participation rate

$= \frac{Labor \; force}{Working-age \; population} \times 100 \\ = \frac{2394000}{2984600} \times 100 \\ = 80.21$

Answer: 80.21 %