Salient to Investors:

Markos Kaminis at Wall Street Greek writes:

Unemployment data excludes people who have fallen out of the labor force, and not by choice. The unemployment rate is 11.8%, not the 7.7% rate just reported for February. Underemployment is closer to 18.0% than the government’s U-6 figure of 14.3%.

Stocks will tend to lead the economy by 6 to 9 months, and so the investment direction implies a market expectation more than a current situation. The true unemployment combined with increased payroll taxes should weigh on consumer spending growth and act as a drag on economic expansion.

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