- The strong consumer spending propping up the US economy may not last, a Bloomberg survey found.
- Over half of the respondents said they think US personal consumption will shrink in early 2024.
- High interest rates and a drawdown of pandemic-era savings could hit consumer spending.
The US consumer has been holding up the country’s economy, but the summer of 2023 may mark their last post-COVID-19 hurrah, a new survey indicates.
Bloomberg’s Markets Live Pulse survey conducted last week showed more than half, or 56%, of 526 investors said they think personal consumption could shrink in early 2024 — which would mark its first quarterly decline since the start of the COVID-19 pandemic in early 2020.
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