The labour participation rate (LPR) is the proportion of working-age people (which is people of 15 years or more) who are willing to work and are either actually working or are actively looking for work. In my opinion, the LPR is more important than the unemployment rate because it tells us how many people are willing to work.

If a very small proportion of people are willing to work then a low unemployment rate does not mean much. A high LPR directly contributes to growth and greater well-being. If only adult men work, but adult women don’t, we are much worse off ...