It's true that one can't really build too much more potential output without the people. That process I described of higher investment usually means an expansion in a company, and therefore also more jobs.
It's true that the statistics on vacancies—and 470,000 is a lot of vacancies—are up a lot over the past year. That is, of course, a symptom of a very strong job market, but it's also a symptom of.... When I talk to companies, they tell me they're having trouble finding people with the skill set they're looking for. It can be a geographic mismatch, or it can be just an absolute shortage mismatch.