- Reuters/J.P. Moczulski
April’s official unemployment rate held steady at 5%.
Economists were expecting it to drop to 4.9%.
However, while the official number is accurate, it’s imprecise.
Because of rounding.
The civilian labor force, which is made up of employed people and those looking for jobs, totaled 158.924 million in April. Of those, 7.920 million were unemployed.
So based on those numbers, the unemployment rate is actually closer to 4.984%.
Back in March, there were 7.966 million unemployed Americans in a labor force of 159.286 million, which made the unemployment rate about 5.001%. (The officially reported number was 5.0%).
So that technically makes April’s number a 0.017 percentage point decrease from the previous month’s.