JPMorgan Chase (NYSE: JPM) is currently the largest bank in the USA by total assets. Because of this status, JPMorgan is naturally able to feel the pulse of the country’s economy. The bank’s latest earnings conference call – for the second quarter of 2022 – contained useful insights on the state of American consumers and businesses. The bottom-line is that while there are risks on the horizon, consumer spending in the USA is still healthy and the leaders of companies there think that their businesses are currently doing fine. What’s shown between the two horizontal lines below are quotes from JPMorgan’s management team that I picked up from the call.
1. Credit is still healthy and loan volumes continued to grow
Credit is still quite healthy and net charge-offs remain historically low. And there continue to be positive trends in loan growth across our businesses, with average loans up 7% year-on-year and 2% quarter-on-quarter....
