"Central to our view," Morgan Stanley's Mike Wilson argues, "is the notion that the economy has been much weaker" than the headline numbers suggest.

"Since the beginning of the year, the economy has created a paltry 600k jobs, but without the job growth in these industries, there would be zero job growth."

"Central to our view," Morgan Stanley's Mike Wilson argues, "is the notion that the economy has been much weaker" than the headline numbers suggest.

"Central to our view," Morgan Stanley's Mike Wilson argues, "is the notion that the economy has been much weaker" than the headline numbers suggest.

Pessimism is "most pronounced for those with at most a high school education," according to the New York Federal Reserve.

"Hopefully things will be OK, but you do see that kind of weakening," he said.