JPMorgan CEO Jamie Dimon summarized the state of the U.S. economy in one paragraph, and it’s not all good.
Consumer spending also seems to be chugging along, albeit at a subdued pace. Spending in May rose 0.2%, below a Reuters estimate for a 0.4% gain.
Even within JPMorgan's own business there were signs of consumer strength. Consumers are still spending on discretionary areas like travel and dining. At its consumer and community banking division, combined debit and credit card spending was up 15% in the second quarter. Card loans were up 16% with continued strong new account originations.rose last month by 9.1% from the year-earlier period.
That topped a Dow Jones forecast of 8.8% and market the fastest pace for inflation going back to 1981. A big driver for that increase is a surge in energy prices. West Texas Intermediate, the U.S. oil benchmark, is up more than 28% in in 2022, as the war between Ukraine and Russia raises concern over already tight supply in the market.
Higher prices have also dented U.S. consumer sentiment. The University of Michigan's consumer sentiment index hit a record low last month,These inflationary pressures have pushed the Federal Reserve to tighten monetary policy this year more quickly than investors anticipated. Last month, the central bank hiked rates by 0.75 percentage point, and some economists on Wall Street expect the Fed to hike by as much as a full point later in July.
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