The way I see
it, there are only two explanations for the incredible divergence we've seen
in recent years. Either 1) the payroll data or sentiment readings are highly
suspect (as to which is more likely, I would note that only the former is
compiled by the U.S. government); or, 2) the quality of the jobs that many
people have nowadays is significantly less than it was before the recession
On a separate
note, sentiment isn't exactly great among those who should be enthralled by
the relentless, Fed-driven rise in stock and other financial asset prices.
Investors Are More Worried About Economy Than One Year Ago"
economic downturn has become the top worry for most wealthy investors,
according to new research report released Tuesday by Chicago-based financial
research firm The Spectrem Group.
An estimated 80
percent of millionaire investors surveyed cited the sluggish first-quarter
economy [Editor's note: Wait,
what? I thought Treasury Secretary Timothy Geithner said the
economy is getting stronger?] as a
concern compared with 70 percent in the same period in 2011. Similarly, an
estimated 81 percent of mass affluent investors with net worths
between $100,000 and $1 million were concerned about this year's
first-quarter economic performance compared with 74 percent last year.
Michael J. Panzner