November’s official unemployment rate was 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 157.301 million in October. 7.937 million of those were unemployed.
So based on those numbers, the unemployment rate is actually closer to 5.04574%.
Back in October, there were 7.908 million unemployed Americans in a labour force of 157.028 million, which would make the unemployment rate about 5.03604%. (Although the officially reported number was 5.0%.)
That actually makes November’s number a very slight increase of 0.0097% in the unemployment rate from the previous month.
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