I mentioned in mid June how the ECRI had turned bearish on economic prospects in the intermediate to longer term [Jun 14, 2011: [Video] ECRI's Achuthan - Prolonged US Slowdown Underway] and this morning on CNBC co-founder Lakshman Achuthan is sticking to his guns despite an 'uptick' in economic data the past week or so. Indeed, he is calling for the slowdown to continue through 'at least' the end of the year, if not longer. This now puts him in the minority, as the opposing guest in the segment below now portrays the growing consensus on Wall Street. (and what Mr. Zandi was offering yesterday) One key point Achuthan makes, which I pointed out as well, was all the manufacturing economic data released globally last week was degrading except for the ISM in the U.S. - but markets only focused on that one figure and ignored everything else.
It will be very interesting to see how this call works out, because the ECRI has been probably the best caller of economic turns the past few years, if not longer.
9 minute video but for the most part just focus on Achuthan since the other guest is repeating what 99 out of 100 guests are saying on CNBC.