U.S. consumer is soldiering on despite soaring inflation and recession risk, credit card giants say
In this article BAC AXP Follow your favorite stocks CREATE FREE ACCOUNT Shoppers carry bags in San Francisco, California, on Thursday, Sept. 29, 2022. David Paul Morris | Bloomberg | Getty Images U.S. consumers have demonstrated a willingness to continue to pay higher prices in the face of a sluggish economy that could be tipped into a recession, according to credit card giants American Express and Bank of America. American Express on Friday reported stronger-than-expected third -quarter earnings and revenue, while raising its full-year forecast. The company said overall customer spending jumped 21% year over year, driven by growth in goods and services as well as travel and entertainment. The demand for travel is particularly resilient as Americans make up for postponed trips due to the pandemic. Consumers are also splashing out on food and entertainment after pandemic lockdowns eased. American Express said its travel and entertainment segment saw spending climb 57% from a year ago ...