Bloomberg News reports:

The biggest increase in employment in three years makes it “pretty clear” the deepest U.S. recession since the 1930s has ended, said the head of the group charged with making the call.

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Yesterday’s monthly update on the labor market received a lot of attention, as you’d expect, given that it was the first real month of substantial gain for payrolls since the recession began in December 2007. But for all the cheering, there’s still plenty of sobering realities to consider, including a few observations that caught my attention over the last 24 hours:

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