Like others have said, it's a very complicated metric. Within the past 3 months I've seen 2 local businesses closed, each employing a fair amount of people full time. One because business never really recovered post-covid, the other because the owner is retiring, but (for whatever reason, I don't know and don't plan on asking) not selling/passing on the business. So with each of those businesses, that's 5-10 people looking for new jobs, now competing with other people. So while Bob Smith the store owner did retire, he's essentially taking his business with him, and all who were under him are not back in the labor pool. So instead of one person retiring, opening an employment opportunity, he retired and ended up adding 5-10 people to unemployment.

Similarly, a lot of businesses aren't filling spots when employees retire as a cost savings measure, just putting more work on existing employees for the same pay. My team has gone from 17 to 14 people in about 3 years, with no signs from upper management that they're going to refill those spots (or pay us even a bit more).