Stephen Squeri, chair and CEO of American Express, speaks throughout an Economic Club of New York occasion in New York on Nov. 10, 2022.
Stephanie Keith | Bloomberg | Getty Images
American Express CEO Stephen Squeri on Friday stated the bank card firm noticed “good consumer spending” throughout the holidays and indicators of sturdy general well being for U.S. spending.
In explicit, delinquency charges had been “lower than they were in 2019,” Squeri advised CNBC’s Scott Wapner in an interview on the American Express PGA Tour occasion in La Quinta, California.
“Our customers are high-spending premium customers, and they are continuing to spend,” he stated.
The indicators of resilient client spending run considerably counter to persistent inflation. December’s client worth index elevated 0.3%, hotter than the 0.2% anticipated by economists.
But Squeri stated he isn’t stunned, including he is of the opinion that the U.S. is in the course of a “soft landing,” slowing spending and bringing inflation down — with out spurring a recession.
JPMorgan Chase CEO Jamie Dimon stated earlier this week that he stays cautious on the U.S. economic system, together with Goldman Sachs CEO David Solomon, who stated it is laborious to think about the variety of Federal Reserve fee cuts that the market appears to be calling for in 2024.
“I mean look, recessions do happen,” Squeri stated Friday. “The nice part about recessions is there’s always a recovery. … We’ll get through whatever we need to get through, and part of that is because of our customer base, and our colleagues that are supporting our customers.”
American Express studies its fourth-quarter earnings Jan 26.
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