The United States unemployment rate in January fell to 6.6%, while the participation rate increased to 63%. Pension Partners chief investment strategist Michael Gayed tells TheStreet's Joe Deaux that the stronger participation rate is positive, but says the concern is about weak retail sector growth. The manufacturing sector added 21,000 jobs, but isn't enough to offset the topline payrolls number. Gayed says to monitor longer-term bond yields and small cap companies for a better sense of the strength or weakness of the labor recovery.

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