I remember once between 2004–6, when unemployment ranged from 5.5 to 4.6, the charge of a “jobless recovery,” both in the 2004 campaign and afterwards, was common. I think the message then was that a strong stock market, low inflation, low interest, and impressive quarterly GDP growth rates were not impressive, given the stagnation in job creation that left us with a stubborn unemployment rate that averaged around 5%. Given today’s news, most would like a return to a 2004–5-style jobless recovery.