Cardiff Garcia

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The global market for diamond jewelry is worth $80 billion a year. Money is flooding into this industry, but why when demand for diamonds isn't as lustrous as it once was? Cardiff Garcia and Sally Herships have more from the Planet Money podcast The Indicator.

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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?

When Republicans launched their tax push this fall, they said, here's the plan: We are going to lower taxes for people and companies. And part of the way we're going to pay for that is by getting rid of loopholes and special deductions and lots of little perks hiding in the tax code.

Today on the show: What happened to that plan, and what it says about the way our tax code works.