Right, but there's all sorts of issues in how that is counted. For example if a person is stuck in a town where there are no jobs (say a large employer going out of business), that person isn't looking for a job because there are none, but then they also no longer count as unemployed. A person who just got laid off and is having a break on their termination benefits is also not "unemployed".

But there's also just simple lag on the unemployment numbers as companies like Facebook, etc have only just started large scale layoffs.

As a side note, I am curious how much the less fragile companies are going to be using current events to get rid of "expensive" or "unproductive" employees. Previously companies got around legal reporting requirements by simply laying off people in groups of < N people where N is a legal "laying off N people in X days must be reported" - do "current macroeconomic" effects provide a different path? I write code, not legal docs so know nothing of such things and am kind of curious how it goes