Evan Vucci/AP Former White House adviser claims she once saw President Donald Trump eat paper in the Oval Office.
- Famously bearish Societe Generale strategist Albert Edwards says that a strong economic indicator getting a lot of attention is an "illusion."
- The ISM Manufacturing PMI hit a 14-year high last month, and was touted by many as a sign of the US's economic strength.
- Look beyond the obvious, however, and a clear slowdown is underway in the US economy, Edwards says.
The blockbuster economic growth manifesting itself in the United States right now is a mere "illusion" and a whole bunch of data is pointing to an impending slowdown. So says permabear Albert Edwards in his latest note to clients.
Societe Generale's notoriously bearish strategist is once again predicting an imminent downturn in the US economy, saying that this week's impressively strong manufacturing data is masking much bigger issues.
ISM's purchasing managers' index for manufacturing, which tracks sentiment in the industry and is highly respected by economists, printed at 61.3 in the month of August, the highest level in 14 years. That's just 0.2 percentage points away from the best reading in nearly 35 years.
Edwards, however, argues that beneath the rip-roaring performance of the manufacturing sector, signs are clear that the good times are going to come to an end some time soon. ...
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