1. A method for failure recovery of a job manager within a data processing system, the method comprising: instantiating a job manager on one of a plurality of nodes to manage distributed execution of jobs on the plurality of nodes, wherein management of job execution for each job comprises managing the deployment and execution of a plurality of processing elements associated with each job on the plurality of nodes in accordance with instructions from a job scheduler; checkpointing a current state associated with each one of the plurality of processing elements associated with the jobs managed by the job manager; and recovering the job manager subsequent to a failure of the job manager using the checkpointed processing element states.