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 third quarter of 2022 – contained useful insights on the state of American consumers and businesses. The bottom-line is this: (1) Consumer spending is still healthy, but there are risks on the horizon; (2) Leaders of small businesses are getting concerned about the macro-economic environment; and (3) Businesses and consumers are still in good financial health. What’s shown between the two horizontal lines below are quotes from JPMorgan’s management team that I picked up from the call.

1. Consumer spending and consumer cash levels are still strong

Nominal spend is still strong across both discretionary and nondiscretionary categories, with combined debit and credit spend up 13% year-on-year. Cash buffers remain elevated across all income segments....