The Speculist: What if the Jobs Are Never Coming Back?:
"So what do we mean by a jobless recovery? We mean that the economy begins growing again, but we have no new jobs. (The recent upward turn is encouraging, but still roughly 8 million jobs shy of getting us back to where we were 2-3 years ago -- and btw, a lot of what was created are temporary government jobs.) From a strict standpoint of efficiency, a jobless recovery is the best way to go. Look at it from the standpoint of an individual business: supposing you realize your business can achieve the same revenue with a headcount of 90 or a headcount of 100. Which would you do? If you say you would go with the headcount of 100 because you're so nice, you better hope your competitors are equally nice. But even if they are, the overall economy is not nice -- it's a heartless bastard."
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