Yes. The unemployment rate is the percentage of the population applying for unemployement benefits, not the percentage who are unemployed. The employment ratio is the number of people with jobs divided by all those without, which include not just the unemployed, but also those who are retired or on disability. Two scenarios that might lead to this situation:
1) New jobs were created, but a large number of retirees re-entered the labor force, leading to widespread layoffs among other workers.
2) New jobs were created, but a change in the rules for unemployment benefits allowed many people who had not been eligible before to apply.
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