January’s official unemployment ratewas 5.0%.
Notably, economists consider a 5% rate to indicate full employment.
But while that number is accurate, it’s imprecise.
Because of rounding.
The civilian labour force, which is made up of employed people and those looking for jobs, totaled 158.335 million in January. 7.791 million of those were unemployed.
So based on those numbers, the unemployment rate is actually closer to 4.920579
Back in December, there were 7.904
million unemployed Americans in a labour force of 157.833 million, which would make the unemployment rate about 5.0078%. (Although, again, the officially reported number was 5.0%.)
So that technically makes December’s number a 0.087221
percentage point increase/decrease from the previous month.
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