There are two immediate pieces of information to take away from this data set:
- First, the annual average labor force increased by approximately 101 million workers between January of 1948 and October of 2018.
- Second, the annual average labor force increased by approximately 167 percent in that same time frame, according to Graph 1.
If this trend continues, the labor force should be around 263 million in 2088, if the market maintains its overall consistent growth. And one final thought, this data set does not illustrate the multiple inputs (x1, x2, x3,…, xn) that probably influence the labor force (y). Rather, this data set illustrates the net increase in the average labor force (y) over time (t). In other words, the labor force has been increasing, is increasing, and will likely continue to increase for the foreseeable future.
The Labor Force in this case is every person, not in the military and 16 years or older, who is either employed or unemployed (and looking for work).
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Categories: Economics Blog