Is the unemployment rate actually 4.9%? The short answer is no. The reasoning is because anyone who has quit looking for a job or who has been unemployed for a long period of time is no longer considered unemployed. It’s unbelievable but it’s true; you can be unemployed for so long that the government considers you statistically employed. The unemployment rate is not 4.9% because only 62.8% of our labor force is employed. Spread the news to anyone who doesn’t know this to be the case.