Former Trump official Gary Cohn flags ‘warnings below the surface’ for the economy: ‘Consumers are not out there willfully spending money’

IBM Vice Chairman Gary Cohn, the former Director of the National Economic Council under President Trump, sounded a cautious note on the state of the U.S. economy in his July 30 interview with CNBC’s Money Movers, warning that despite upbeat surface indicators, troubling signs are brewing beneath the headline numbers.

Cohn’s assessment came in the aftermath of a surprisingly robust GDP report showing 3% growth, which he acknowledged looked positive on its face. He said if you take a “big...