I have a few question about the employment rate. I'm sure there are different definition but maybe there is a general UN or OECD definition which can be used. I'm interested in precisely how it is defined, and does it differ from country to country when comparing statistics for OECD nations. My rough understanding is that it's the ratio of those employed to the working age population (15 to 64 - I think the US definition is 16-65 though).
Note: This question is about the Employment Rate, not the Unemployment Rate. They are not compliments of one another. For example, a country can have a 65% employment ratio and only a 5% unemployment ratio.
Employment ratio = # of employed people / working age population
Unemployment ratio = # of people looking for work / labor force
Employment ratio is not equal to 1 - unemployment ratio
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