Trade war damage piles weight onto consumers, fans global recession fears

Morgan Stanley economists are already warning that American consumers are all that stand in the way of a US contraction

There's a lot of weight on the shoulders of shoppers around the world, and the strain is starting to show.

As threats to demand ranging from US-China trade tensions to Brexit hit business confidence and investment, consumers are proving the main drivers of global growth. JPMorgan Chase & Co reckons global retail sales volumes charged ahead at a rate of 4.8% in the last quarter, buoyed by still-tight labour markets.

But there are signs that could soon change, as weakness in manufacturing seeps into hiring, and financial markets tighten amid the trade war. Both forces could lead households to retrench, fanning fears