Employment: Almost Full

Unemployment is an emotional word, and consequently is less understood and more exaggerated than just about any other aspect of the U.S. economy. It conjures up visions of depression, poverty and helplessness for vast numbers of people — and, indeed, it means that for some. The facts, though, do not really fit the fears. Unemployment is not only dwindling steadily but is con- siderably less acute than some statistics make it out to be.

Many economists predicted only a few months ago that unemployment would stay high simply because the U.S. work force had...

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