The spectacular improvement in U.S. employment brought jaw-cracking grins from the economists at the U.S. Department of Labor. For the month of May, unemployment dropped 238,000 to a total of 3,389,000 throughout the U.S. The improvement cut the overall percentage of jobless to 4.9% of the labor force for the first time since the early stages of the recession. Just as impressive, employment jumped 1,000,000 to 66 million, new alltime high for the month.

Until last week, the most nagging worry of the recovery was the relatively slow drop in the rolls of the unemployed. After the jobless held at...

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