We will use an example to help us out, 0.345, the 3 is in the tenths digit place, the 4 is in the hundredths digit place, and the 5 is in the thousandths digit place. This would be read as three hundred forty-five thousandths.
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0.0001 is one ten-thousandth.
the third number from the decimal. Ex 3 is in the thousandths place in 2.113
3 will be three thousandths. that mean 4 places after the decimals
eight hundred thousandths. Or at least that is how it would be read in the machine world. (IE half an inch or .500 would be read "five hundred thousandths". 0.8005 would be read "eight hundred and a half thousandths" as .xxx5 is half of one thousandth. )
0.561