Incorrect. The labor force participation rate is calculated by the 16-64 y/o population
Labor force participation rate: The labor force as a percent of the civilian noninstitutional population.
Civilian noninstitutional population:: Includes persons 16 years of age and older residing in the 50 states and the District of Columbia who do not live in institutions (for example, correctional facilities, long-term care hospitals, and nursing homes) and who are not on active duty in the Armed Forces.