But before anybody starts celebrating, take a closer look at the U.S. labor market, which remains a case study in frustrated hopes and wasted resources. Some 12 million Americans are out of work, 8 million are working part-time for economic reasons, and 2½ million say they want a job but have given up looking. Yet the jobless figures don't fully capture the damage that the Great Recession has wrought upon the country's stock of human capital, which, after all is said and done, is what keeps the economy going.
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