People hoping for a stronger across-the-board economic recovery should take heart from the stock market's recent great run, financial adviser and former New York City mayoral candidate Ceceilia Berkowitz told Newsmax TV
While the popular view may be that Wall Street and Main Street fortunes are diverging, Berkowitz told "MidPoint" host Ed Berliner that the Dow Jones Industrial Average hitting a record high
on Thursday does have meaning for everyday job-seekers and wage-earners.
"The economy is improving and expected to continue to improve in terms of jobs and unemployment rates and numbers," said Berkowitz. "So this means that it [the stock market] can be considered a leading indicator of a good economic future for our country, good economic performance."
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Berkowitz acknowledged that for many Americans the recovery doesn't feel like one, noting that the U.S. unemployment rate remains above 6 percent.
"Also, there are a lot of long-term unemployed people," she said, adding that for many people with jobs, "the wage levels are not very good."
"So the average American worker is not earning as much as he should for a good economic recovery and he can't buy everything he needs to — which drives consumption, which drives GDP, which helps our overall … economy compete with other countries," said Berkowitz.
But she said wages should continue to rise with the recovery and that the government still has steps it can take to help spur growth.
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