In Cool Text Highlighting in LaTeX, Gumbo offered, in a comment to Caramdir's answer, \hlc, a modification of soul's \hl to allow choosing the highlighting color on the fly.
\hlc, though, leaves excess space around the highlighted text, particularly before but also after.
Here is a MWE:
\documentclass[11pt]{book}
\usepackage{xcolor}
\usepackage{soul}
\newcommand{\hlc}[2][yellow]{ {\sethlcolor{#1} \hl{#2}} }
\begin{document}
In the source there is\hlc[yellow]{no space}between highlighted-surrounding text.
\end{document}
and here is the output:


%signs at the end of each line of a multi-line macro definition... the%eats the spurious space that would otherwise be introduced) – Steven B. Segletes Jun 08 '17 at 18:54%, only those that are inside of macro definitions, or those in the middle of a multi-line argument where spaces are not intended. But I'm happy to see the "light bulb go on." Learn more at https://tex.stackexchange.com/questions/7453/what-is-the-use-of-percent-signs-at-the-end-of-lines – Steven B. Segletes Jun 09 '17 at 02:39