It appears that the coronavirus pandemic has resulted in increased layoffs during the last week. Additionally, worker productivity has decreased immensely. The head of U.S. equities at Lazard Asset Management in New York has stated that the U.S. labor market is in a very bad position and is likely to improve soon. While the number of new unemployment claims is beginning to slow, it is still incredibly high despite businesses starting to reopen.
See "Layoffs increase as millions more apply for unemployment benefits ", Lucia Mutikani, Reuters , May 7, 2020