+517K, unemployment at 3.4%
Panic at the Fed, as their efforts to kick people out of work are failing.
A secondary theme here is that economists have probably been very wrong, with motivated reasoning, about the relative utility of fiscal/monetary policy for nudging the economy around. We managed to turn the economy off and send a bunch of free money (fiscal) to people and it worked!
The Great Recession didn't have to be, though this is not news if you were a regular reader of this and other very fine blogs at the time.
Fed's fortunately flailing a bit here, though not without doing some damage.
