The labor force participation rate formula is used to calculate the percentage of the working-age population that is either employed or actively seeking work. The formula varies slightly depending on the source, but the most common formula is:

Labor Force Participation Rate = (Number Employed + Number Seeking Work) / Civilian Non-Institutional Population x 100

The civilian non-institutional population refers to all members of the population aged 16 or older who are not in the military, prisons, or otherwise outside of the ordinary labor market.

It is important to note that the labor force participation rate does not include those who are not seeking work, such as retirees, students, and stay-at-home parents. The rate can be used in conjunction with unemployment numbers to offer some perspective into the state of the economy.