Morgan Stanley
There's never been anything like it. The US economy is currently in the midst of the most profound hiring shortfall of any modern-day business cycle. Fully 25 months since the economy technically bottomed in November 2001, private nonfarm payrolls are 7.7 million workers below the typical hiring trajectory. Employment is even tracking 2.4 million workers below the employment profile of the upturn of the early 1990s -- heretofore America's worst jobless recovery.
Yep, the job market is booming.. if you're an economist...