Another sign the economy is just fine – Now hiring 7 million
Bottom Line: With the financial markets making people nervous of late – the R word keeps coming up even though there’s zero indication of anything other than a strong economy right now. With the lackluster jobs report on Friday many more freaked out thinking it might be confirmation that the economy isn’t what it has been. But as I mentioned on Friday off of the ADP Report – if you deep a little deeper you’ll notice that the biggest reason hiring wasn’t higher...Companies are having a hard time finding the people they need. That’s a great reason for a drop off in job growth – not a problematic one for the economy. And just in case you need a little extra info to feel more comfortable with that notion rather than a recession flashing before us all of the sudden...
The total JOLTS, or job openings reported for October (the most recent month available) is the 2nd highest in US history with 7.08 million job openings. That’s a 17% increase year over year. I’ll repeat. Job openings are up 17% year over year! I’ve literally never seen an increase like that before. Not even coming out of a recession. All told there are 1 million more job openings than unemployed Americans currently. That’s one heck of a story waiting to happen and it’s about the furthest from a recession you could have.