American Express CFO says consumer spending momentum holding up

Jeffrey Campbell, CFO of American Express, asked while speaking at the Barclays Global Financial Services Conference about consumer spending having increased through Q2 and whether that momentum has held up so far in Q3, replied according to a transcript: "Well, so the short answer is yes. And in fact, I said a few minutes ago that our confidence level in the multiyear growth plan we laid out back in January really higher than it was back in January. And so if you think about all of the trends that we talked about in sort of excruciating detail back on the July earnings call, they really all continued. So goods and services spending continues to look very strong. The U.S. consumer continues to look very strong. You, of course, Mark, actually see our monthly numbers in terms of credit. They continue to look far stronger than they were pre-pandemic. I would say probably the cure is that if anything have ticked up a little bit since the second quarter, it won’t surprise anyone. And that is that travel and entertainment spend outside the U.S. has actually ticked up a little bit. If you think about the second quarter, you still had quite a number of cross-border travel restrictions in place around the world. The U.S. still had the requirement to get back into the U.S., you had to show a positive test. All those went away. That’s helped international travel show up even more strongly in July and August. The other thing I would say that’s continued to step up a little bit, Mark, is Travel & Entertainment spend on the commercial side, both by our smallest businesses, all the way up through our large Fortune 500 clients who mainly use the card for their Travel & Entertainment spend… I’ll tell you, we have lots of people at American Express scouring every bit of data that we have from across the globe every day to make sure we’re not missing anything, but you just don’t see any significant signs of weakness anywhere in the slice of the economy that we cover as we sit here today on September 12. And I think that is reflected in both the second quarter results that we presented, the fact that the trends still look the same."

Published first on TheFly

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