Misery index update, Wall Street vs Main Street

Months ago, I did a post about the Carter era "misery index." I promised to update the Misery Index from time to time as the numbers are updated. For our newer readers the misery index is very simple. It is the unemployment rate added to the inflation rate.
Unemployment rate is 9.8%
inflation rate is 3% over the last year.
That gives us a Misery Index of 12.8, up from 12.4 last time I reported. One important fact to take note of is that inflation dropped in the first half of the previous year but has increased rather dramatically over the last 3 months equalling out to 3%. I am very fearful of "decoupling" where the stock markets go up which looks good initially but those increases are caused by inflation which is a sign of a worsening economy. If this is the case then Wall Street is no longer a viable indicator of the strength or weakness of our economy. That explains why the stock prices on wall street are no longer indicative of what is happening on "main street."