Some bad news for Old Wall perma-bulls. 

If you’re holding your breath, expecting the market to bounce back to all-time highs on robust U.S. economic data… well, the worst economic data of the year is likely coming down the pike in the in the next few months.

As Hedgeye Senior Macro analyst Darius Dale explains in the above clip from the Aug. 15th edition of The Macro Show, the most difficult comparisons in Industrial Production, Retail Sales and others are pending soon.

“Pretty much everything in the economy steepens to their inevitable crescendo over the next three months,” Dale explains.

“Clearly the divergence between industrial production, CAPEX, factory orders, the ISM manufacturing continue to point to downward pressure on the U.S. economy.

And you also have Q3 earnings which is the peak cycle compare for that as well.”

Watch the full clip above for more.

 The Worst Economic Data Of 2019 May Be Coming - the macro show