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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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