The economy added 661,000 jobs but the labor market is down over 10 million jobs since before the coronavirus took hold.

A more worrying number was that many jobs appear to be gone permanently. The number of permanent job losers jumped by 345,000 to 3.8 million, an increase of 2.5 million since February.

...The unemployment rate – which dropped to 7.9% from 8.4% largely due to 700,000 workers leaving the labor force – was another aspect of the report LaVorgna highlighted.

... Larry Kudlow, the director of the NEC, made a more direct call on Friday. He said relief is currently “zero” and called for at least some stimulus. “Let’s find the key points and pass it,” he told reporters, noting that airlines in particular need help.