Friday’s jobs report was a blockbuster: Job growth rebounded after a recent dip, and the unemployment rate fell to a nearly two-decade low. But it’s worth taking a step back and putting the latest numbers in some longer-run context.

The United States lost nearly 8.7 million jobs in the Great Recession and its aftermath. It has gained 18.9 million since then — a powerful rebound that belied fears of another “jobless recovery.” (Net growth was needed just to keep pace with the working-age population, which has increased by about 10 million during the same period.)