1. Consumer spending is stable, but consumers are now spending their cash buffers down to pre-pandemic levels
Consumer spend growth has now reverted to pre-pandemic trends with nominal spend for customer stable and relatively flat year-on-year. Cash buffers continue to normalize to pre-pandemic levels with lower income groups normalizing faster....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 release and conference call – for the third quarter of 2023 – happened just last week and contained useful insights on the state of American consumers and businesses. The bottom-line is this: Consumer spending and the overall economic environment is solid, but there are substantial risks on the horizon.
What’s shown between the two horizontal lines below are quotes from JPMorgan’s management team that I picked up from the call.
