The hematocrit is the percentage of the blood that is red blood cells so a low hematocrit usually means the red blood cells are low. The most common reason for this is increased blood loss, often from menstrual or gastrointestinal bleeding. It could also be from decreased production due to a bone marrow problem or vitamin or iron deficiency or some more unusual problems.
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Low hemoglobin is called anemia. When there is a low hemoglobin level, there is often a low red blood cell count and a low hematocrit, too.