In 2004, the number of people in the working-age population in a country increased from 221.2 million to 223.4 million, while the labor force increased from 146.5 million to 147.4 million.By how much did the labor-force participation rate change?

Question

Quizplus · Accepted Answer

The labor-force participation rate is calculated as (labor force / working-age population) * 100. Initially, it was (146.5 / 221.2) * 100 = 66.25%. Later, it became (147.4 / 223.4) * 100 = 65.98%. The change is 66.25% - 65.98% = -0.27%, which rounds to -0.2 percentage point.

In 2004, the Number of People in the Working-Age Population