Taps Coogan – September 19th, 2021

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We’ve posted a number of stories in the ‘Top News Stories’ column which highlight the fact that there are over a million more job openings than people on unemployment in the US. However, the following chart, from Morgan Stanley via ISABELNET, shows just how otherworldly the disconnect really is.

In pre-Covid times, even a cynical observer would have scoffed at the idea that we would be talking about another $4.5 trillion of ‘stimulus’ spending, on top of about $5 trillion already spent, and potentially years of zero interest rates and breakneck QE in an environment with inflation forecast by the Fed to remain above 2% for years, skyrocketing home prices, one of the broadest manufacturing recoveries on record, shortages of all manner of things, and 50% more job openings than we had in 2019.

And yet, here we are…

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