In addition to population increasing, the number of people in the job pool can increase in other ways. Unemployment generally looks at the number of people look

In addition to population increasing, the number of people in the job pool can increase in other ways. Unemployment generally looks at the number of people looking for a job, which can change based on people deciding they want a job / don't want a job in a given month. More details at BLS: https://www.bls.gov/cps/cps_htgm.htm https://www.bls.gov/cps/cps_htgm.htm And re: market response, continuing strength in the job market means the Fed is likely to keep rates higher for longer, which the markets hate.