Nobel Prize-winning Economist Joseph Stiglitz says the stock market’s continued rise is a sign of economic weakness, not a precursor to strong economic growth.

“The reason the stock market is high, in part, is that interest rates are low, wages are low and the emerging markets are still growing much faster than the U.S. economy, let alone Europe,” Stiglitz told CNBC. Many U.S.-listed multinationals are getting an increasingly large portion of their profits from emerging markets, he said. “These very strong stock market prices are in a sense a symptom of the weak economy, not a symptom that we are about to have a strong recovery to our real economy,” he added.

Stiglitz said the labor market is an example of the weak recovery. “Remember, labor force participation is at very, very low levels, much lower than before the crisis,” he said. “Real wage increases have been very weak, well below what they should be if we were having a robust recovery. … There are lots of indicators that suggest this is a weak recovery.”