Comment by michaelborromeo

The market reflects, rightly, that while the situation doesn’t look good for many certain fundamentals haven’t changed drastically YET.

For example, infrastructure is still intact, demand is theoretically still there just suppressed, capacity to produce is still theoretically there.

Unemployment is based on employers short to medium term outlook. I.e. Can I pay this person for a month and will the person be a net positive?

So the two measures differ and in weird situations like now we see how much they differ.