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Labeling numeric data - can you set the number of displayed decimals?

Question asked by geasand on Apr 20, 2015
Latest reply on Feb 21, 2017 by cgreene-esristaff

I'm displaying numeric data as a label.  Is there a means to define the number of displayed decimal digits?  The data is recorded to 6 decimals but I want the label to display only 2 decimals and round the value to the two decimals.