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Unemployed is a person who is constantly looking for a job or work and he/she is also capable of doing work but don’t able to get a job then they are unemployed.

On the other hand, being out of the workforce means a person is capable of doing work but he/she is not constantly looking for the job as a person who is out of the workforce. For example, students and retired persons.

The unemployment rate can be obtained by the ratio of the total number of unemployed people is by the total number of people in the labor force and then the ratio is expressed as a percentage as given below:

$\frac{Unemployedpeople}{totalworkforce}×100$

The labor force participation rate can be obtained by the ratio of the total labor force by the total working-age population. Here working age group is referred to as persons aged between 15 to 64 years.

$\frac{totallaborforce}{totalworkingagepopulation}×100$