So, where are all the jobs?

This is the question posed by U.S. News & World Report as well as by many job seekers. In a somewhat technical discussion, the editorial examines why unemployment remains where it is, and indicates that there is a "glimmer of hope for the jobless:"

And here, at last, there is a glimmer of hope for the jobless. GDP growth may be accelerating and may move above 5 percent for the next two quarters. If it does, there will surely be a whole lot more jobs, especially in the labor-intensive service sector.

What's to be done? Not much, for now. No fiscal stimulus is possible, and the administration has already overdone its tax cuts. The only source of macroeconomic support will come from the Federal Reserve Board. It should keep short-term interest rates low and make sure rates for 10 years and longer don't spike any more.

This, then, is the opinion of Mortimer B. Zuckerman.