'Cracks' in US economy showing -market strategist

STORY: Phillips says he sees signs of economic weakness "around the consumer, which has really been a bright spot, I would say for the economy over the last couple of years, but we're seeing more households living paycheck to paycheck. We're seeing rising delinquencies and so we're starting to see some cracks in the labor market as well."

He points to a decline in temporary hiring among other factors for his comment about the health of the labor market.