WSJ: "jobless recovery" ends?

The Wall Street Journal editorial page reports that employment is the highest in U.S. history. Money quote:

First, more Americans have jobs today than at any other time in history. Second, over the past two decades or so, the U.S. has created more than 40 million jobs--twice as many as Europe and Japan combined. And third, the U.S. has one of the lowest jobless rates of all developed nations.

It was only a year ago that John Kerry was blasting the "jobless recovery." Lou Dobbs was flogging "outsourcing" every night on CNN as a sign of peril for the American workforce. That criticism now looks wildly off base. The 5% jobless rate today is almost a percentage point below what it was during the same stage of the business cycle during the vaunted "Clinton expansion."