Trouble is brewing for the U.S. consumer, according to one strategist, and a substantial labor market downturn could kickstart a recession.
"I think the U.S. consumer is walking towards a cliff, basically," Chris Watling, chief executive of financial advisory firm Longview Economics, told CNBC's"Squawk Box Europe" on Tuesday.He said that a slew of recent economic indicators had showed consumers are quickly running out of excess cash, while household savings are coming under pressure.
"So, it's not quite all good news. I mean, quite the reverse, I think there are some real challenges coming for the U.S. consumer."may have turned in another stellar performance If that forecast materializes, the print would reflect the strongest U.S. economic output since the final three months of 2021, when growth was just shy of 7%.remain concerned about the longer-term economic outlook and will continue to closely monitor forward-looking signals for clues on whether the U.S. can avoid a recession."We see at the margins the consumer is under a lot of pressure and, in fact, the labor market is under a lot of pressure as well.
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