Infra-Annual Labor Statistics: Labor Force Participation Rate Total: From 15 to 74 Years for Slovak Republic
LRAC74TTSKA156S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
66.60
Year-over-Year Change
2.50%
Date Range
1/1/1999 - 1/1/2024
Summary
The Labor Force Participation Rate Total: From 15 to 74 Years for Slovak Republic measures the percentage of the working-age population that is employed or actively seeking work. This statistic is a key indicator of labor market health and economic activity.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This labor force participation rate represents the proportion of the Slovak Republic's population aged 15 to 74 that is either employed or unemployed but actively seeking work. It is a widely-used metric for assessing the strength and utilization of a country's human capital resources.
Methodology
The data is collected through household surveys conducted by the Slovak Statistical Office.
Historical Context
Labor force participation rates are closely monitored by policymakers and economists to gauge the underlying dynamics of the labor market and overall economic conditions.
Key Facts
- The labor force participation rate in Slovakia was 59.6% as of the latest data.
- Participation rates tend to be lower for older workers and females in Slovakia.
- Labor force participation is a key input for measuring GDP and other macroeconomic statistics.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the percentage of the Slovak Republic's working-age population (ages 15-74) that is either employed or actively seeking work.
Q: Why is this trend relevant for users or analysts?
A: The labor force participation rate is a critical metric for understanding the health and utilization of a country's labor market, which in turn informs broader economic conditions and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the Slovak Statistical Office.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor labor force participation rates to gauge labor market dynamics and shape policies affecting employment, education, and social programs.
Q: Are there update delays or limitations?
A: There may be some time lags in data reporting, and the measure does not capture all forms of labor force engagement, such as informal or underemployment.
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Citation
U.S. Federal Reserve, Infra-Annual Labor Statistics: Labor Force Participation Rate Total: From 15 to 74 Years for Slovak Republic (LRAC74TTSKA156S), retrieved from FRED.