Understanding the unemployment rate Keith Srakocic/AP In this Tuesday, July 10, 2012 photo, people walk by the recruiters at a jobs fair in the Pittsburgh suburb of Green Tree, Pa. The number of people seeking unemployment benefits plunged last week to the lowest level in four years, a hopeful sign for the struggling job market. But the decline was partly due to temporary factors. (AP Photo/Keith Srakocic) and last updated 2021-06-03 12:14:56-04 TAMPA, Fla. â As economists and government leaders look for a full recovery from the pandemic-caused economic downturn, unemployment has taken center stage as everyone looks for data to back up their claims. But unemployment and the economy aren't as simple as one number each month.