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Full Employment: Are We There Yet?

4.55

Today's Planet Money indicator is 4.55 percent. The Federal Reserve said just this afternoon that the American economy is at full employment when the unemployment rate is 4.55 percent.

The Fed updates this estimate every few months. And for years, it's been getting the number wrong.

Today on the show, what is full employment, why is it so hard to pin down, and most importantly, are we there yet?

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Copyright 2020 NPR. To see more, visit https://www.npr.org.

Cardiff Garcia is a co-host of NPR's The Indicator from Planet Money podcast, along with Stacey Vanek Smith. He joined NPR in November 2017.
Stacey Vanek Smith is the co-host of NPR's The Indicator from Planet Money. She's also a correspondent for Planet Money, where she covers business and economics. In this role, Smith has followed economic stories down the muddy back roads of Oklahoma to buy 100 barrels of oil; she's traveled to Pune, India, to track down the man who pitched the country's dramatic currency devaluation to the prime minister; and she's spoken with a North Korean woman who made a small fortune smuggling artificial sweetener in from China.