638,000 net new jobs in October, a rise in the labor force participation rate from 61.4% to 61.7%, and a steep fall in the unemployment rate from 7.9% to 6.9% in the face of waning fiscal stimulus are excellent indicators. But measured by job losses, the unemployment rate, or the number of unemployed, we are only half-way home. Despite rising Covid-19 cases, and slowing job growth, I remain cautiously optimistic.