Job market does not reflect pessimism of stock market

Washington Times:
If you can’t find a job right now, you might not be looking hard enough.

The U.S. economy is running so hot that businesses cannot find people to fill their want ads. The 7.1 million openings recorded at the end of October easily topped the 6 million people the Labor Department said were unemployed and actively seeking jobs at that point.

And contrary to some claims, it’s not a list of low-paying unappealing jobs.

The Bureau of Labor Statistics showed that the openings included more than 20,000 jobs in the information sector, more than 38,000 in real estate and leasing, and nearly 40,000 in education, including state and local government jobs.

The reasons for the prime jobs picture are heatedly debated — Republicans say it’s because of their tax cuts; Democrats say it’s in spite of them — but the numbers are undeniable.

The Bureau of Labor Statistics says it has data dating back to 2000 and that this is the first year it has recorded more job openings than unemployed people seeking work.

“The American economy is booming,” said Larry Kudlow, director of the National Economic Council. “Even with a historically low, steady unemployment rate, we continue to see jobs added at a record pace.”

The White House Council of Economic Advisers offered a “data dump” of rosy benchmarks.

The unemployment rate is the lowest it has been in a half-century. The rate for women the best it has been in 65 years, and the rate for blacks is at a 46-year low. Even among those without high school diplomas, the unemployment rate is at 5 percent.

Since 1970, the unemployment rate has been below 4 percent in just 12 months — half of them in 2018.
...
The stock market has been in a precipitous decline ever since the 2018 election results showed the Democrats retaking the House.  It can be argued that the markets fear Democrat policies will stymie the economy and the economic growth unleashed by the GOP tax cuts.   The threat of impeachment of the President is also a fear that could be driving investors to get out of the market.

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