A survey by Russell Investments shows that more and more money managers are bullish on the U.S. market — 28% describe U.S. equities as undervalued versus 19% in December. The survey was written up in Pensions and Investments today which reported:
“The Russell survey also found that the percentage of managers describing the market as overvalued declined to 13%, from 18% in the previous poll.
Of course, worries still exist. Top of the list for money managers: the unemployment rate.
More than three-quarters of investment managers surveyed said they expected unemployment to be 8% or higher at the end of 2011, while 96% believed the country’s unemployment rate would be at least 7%.
Prior to the economic meltdown, the last time the unemployment rate was above 7% was June 1993.”