Like many other high-growth cloud companies, Paycom Software (NYSE: PAYC) stock fell off a cliff in late 2021 into 2022 due to high inflation and the Federal Reserve pushing interest rates higher at the fastest pace in 40 years.

Many experts believe the economy will dive into recession sometime this year due to the aggressive actions by the Federal Reserve to fight inflation. This is terrible news for Paycom, as it is especially susceptible to producing poor results in a slowing economy. As a result, many investors have lost their enthusiasm for investing in this stock. It's down 2% year to date, compared to the Technology Select Sector SPDR Fund, which is up 22% in 2023.

However, this bear market should only last for a short while. If you are looking for a top-growth stock for the long term, Paycom is worth considering. Here's why.

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Source Fool.com