[jibe]

We also have the unemployment numbers, and they are low. If job openings were largely ghost listings, and we were in a stealth recession, we'd see it in rising unemployment. Now unemployment HAS been creeping up, but still is low. If it hits 5% then I'd worry about a downturn.

[dexwiz]

Does this 5% include people who have fallen out of the unemployed bucket into some sort of long term bucket? I know multiple people who have been looking for 6 months+. Not to mention underemployed.

[esbranson]

It never has. The labor force participation rate for 25-54 year-olds is a better metric for such things.[1] Last time it was this high was 1990s through 2002. (Before that, it was never this high.)

[1] https://fred.stlouisfed.org/series/LNS11300060