The Economy Is Just Fine; Now Hiring 7 Million

Of late, the financial markets making people nervous. The R-word keeps coming up even though there’s zero indication of anything other than a strong economy right now. The October lackluster jobs report freaked many out thinking it might be confirmation that the economy isn’t what it has been. But as I've mentioned, if you dig a little deeper in the ADP Report, you’ll notice that the biggest reason hiring wasn’t higher was because 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. 

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 here's more info. The total JOLTS or job openings reported for October 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.

Photo by: David Paul Morris/Bloomberg via Getty Images

 

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