In the past six months, initial claims for unemployment have declined at a 27% annualized pace. They have rarely been this low. Labor market conditions have improved significantly; the chances of a worker being fired today are almost as low as they have ever been.
The number of people receiving unemployment insurance has declined 24% in the past year, and is now down almost to pre-recession levels.
With labor market conditions about as tight as they get, and with corporate profits at record levels, the economy is primed for a burst of hiring and stronger growth IF business confidence improves. This is not such a bad problem to have, since there are any number of things that can be done to unleash the economy's pent-up potential: for example, we could cut tax burdens, reduce regulatory burdens, improve confidence in monetary policy (e.g., start tapering, start raising short-term interest rates), and simplify the tax code.
The private sector is ready to go; now we just need to get the government out of the way.