CHART OF THE DAY: Small Business | Jobs Hard To Fill Index

10/15/21 08:23AM EDT

Below is a chart and brief excerpt from today's Early Look written by Director of Research Daryl Jones. 

At this point, there is probably not much of a debate on inflation, but more so on its duration. Economic growth is a different matter. The stagflation crowd will tell you that inflation will slow growth and while they may ultimately be right, in the short run we have some positive growth tailwinds in the US:

  • COVID19 daily cases that are more than 50% off their August peak, which will lead to more mobility (travel, dining, socializing, shopping, etc);
  • A labor market that had some softness in August and September, but looks poised to re-accelerate through the course of the year given the high demand for jobs (the jobs hard to fill index this week hit a 30-year high); and
  • Consumers who, despite inflation, have a high level of savings, lower levels of debt, accelerating wages, inflating home prices, and, if they have one, and an inflating investment portfolio.

CHART OF THE DAY: Small Business | Jobs Hard To Fill Index - htf

© 2022 Hedgeye Risk Management, LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.