The mighty consumer is about to hit a wall

Market uptick: People walk through an upscale shopping district of Manhattan in New York City. Growth in the United States is forecast to accelerate in the third quarter on the back of a recent pickup in household spending. — AFP

WASHINGTON: After staving off recession for longer than many thought possible, the United States consumer is finally about to crack, according to Bloomberg’s latest Markets Live Pulse (MLIV) survey.

More than half of 526 respondents said that personal consumption – the most important driver of economic growth – will shrink in early 2024, which would be the first quarterly decline since the onset of the pandemic.