The trusty American consumer is poised to run out of steam by early next year, investor survey says

• Spending by the ever-reliable US consumer is about to fizzle out, according to a Bloomberg investor survey. 
• Over half of respondents believe that personal consumption will shrink in early 2024. 
• US households are having their savings depleted thanks to the highest borrowing costs in 22 years.

America's most potent economic force – the consumer – may finally run out of steam around the beginning of next year, according to a survey of 526 investors polled by Bloomberg.