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.
"Of course, retail sales have been quite strong for the last few months and everyone gets quite excited about that, but, actually, if you look at what's going on, the household savings ratio has been run down, and, in fact, real income growth has been negative for three months," Watling said. "We're going to get to the point in the next few months when I think the labor market starts to deteriorate more meaningfully and that'll kickstart the recession when we get there," he added.
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