Yep, you guessed it. Yet MORE suffering. The horror. I don't know how we'll ever get through this.
"AmEx raises revenue forecast on surging travel spending"
"July 22 (Reuters) - American Express Co's (AXP.N) quarterly card
spending soared to a record as pandemic-weary travelers shrugged off
rising airfare to throng airports, helping the company raise its
annual revenue forecast and sending its shares 5% higher.
The credit card giant also trounced estimates for April-to-June profit
and joined major U.S. banks including JPMorgan Chase & Co (JPM.N) in highlighting the resilience of consumer spending in the face of an
uncertain economic outlook.
Chief Executive Officer Steve Squeri, however, said loss rates would
rise slowly, though they would remain well below pre-pandemic levels
this year.
The company added $410 million in provisions for credit losses,
mirroring similar buildups at major U.S. banks, and said it expects to
set aside more funds.
"What I have seen a correlation between ... people losing their jobs
and not being able to pay their bills. And so that's potentially an
issue down the road," Squeri said.
The number of Americans enrolling for unemployment benefits rose for a
third straight week last week to the highest in eight months, signs
the economy was slowing due to rising interest rates and high inflation.
TRAVEL BOOM
For now, though, AmEx is benefiting from bottled-up demand and the
easing of COVID-19 curbs that have sparked the strongest summer travel
season since the start of the pandemic.
Strong consumer spending has been a feature of the company's earnings
for several quarters, but the recovery in international and corporate
travel was the key driver this time, said Michael Miller, equity
analyst at Morningstar.
He added that "a growing premium cardholder base creates a virtuous
cycle for American Express."
The company added 3.2 million new proprietary cards in the quarter
ended June 30. Its net income of $2.57 per share beat the $2.41
expected by analysts, according to Refinitiv data.
Rivals Visa and Mastercard report earnings next week."
https://www.reuters.com/business/finance/amex-profit-falls-higher-loan-loss-reserves-offset-record-card-spending-2022-07-22/
TB
Technobarbarian wrote:
Yep, you guessed it. Yet MORE suffering. The horror. I don't
know how we'll ever get through this.
LOL. Yep. Most of the people living from paycheck to paycheck have
American Express cards.
HawHawHaw!
-------------------------------------------
The number of Americans enrolling for unemployment benefits rose for a
third straight week last week to the highest in eight months, signs the economy was slowing due to rising interest rates and high inflation. -------------------------------------------
LOL. Yep. Everybody's doing just great.
HawHawHaw!
"AmEx raises revenue forecast on surging travel spending"
"July 22 (Reuters) - American Express Co's (AXP.N) quarterly card
spending soared to a record as pandemic-weary travelers shrugged off
rising airfare to throng airports, helping the company raise its
annual revenue forecast and sending its shares 5% higher.
The credit card giant also trounced estimates for April-to-June profit
and joined major U.S. banks including JPMorgan Chase & Co (JPM.N) in
highlighting the resilience of consumer spending in the face of an
uncertain economic outlook.
Chief Executive Officer Steve Squeri, however, said loss rates would
rise slowly, though they would remain well below pre-pandemic levels
this year.
The company added $410 million in provisions for credit losses,
mirroring similar buildups at major U.S. banks, and said it expects to
set aside more funds.
"What I have seen a correlation between ... people losing their jobs
and not being able to pay their bills. And so that's potentially an
issue down the road," Squeri said.
The number of Americans enrolling for unemployment benefits rose for a
third straight week last week to the highest in eight months, signs
the economy was slowing due to rising interest rates and high inflation.
TRAVEL BOOM
For now, though, AmEx is benefiting from bottled-up demand and the
easing of COVID-19 curbs that have sparked the strongest summer travel
season since the start of the pandemic.
Strong consumer spending has been a feature of the company's earnings
for several quarters, but the recovery in international and corporate
travel was the key driver this time, said Michael Miller, equity
analyst at Morningstar.
He added that "a growing premium cardholder base creates a virtuous
cycle for American Express."
The company added 3.2 million new proprietary cards in the quarter
ended June 30. Its net income of $2.57 per share beat the $2.41
expected by analysts, according to Refinitiv data.
Rivals Visa and Mastercard report earnings next week."
https://www.reuters.com/business/finance/amex-profit-falls-higher-loan-loss-reserves-offset-record-card-spending-2022-07-22/
TB
Technobarbarian wrote:
Yep, you guessed it. Yet MORE suffering. The horror. I don't
know how we'll ever get through this.
LOL. Yep. Most of the people living from paycheck to paycheck have
American Express cards.
HawHawHaw!
-------------------------------------------
The number of Americans enrolling for unemployment benefits rose for a
third straight week last week to the highest in eight months, signs the economy was slowing due to rising interest rates and high inflation. -------------------------------------------
LOL. Yep. Everybody's doing just great.
On 7/26/2022 5:40 PM, bfh wrote:
Technobarbarian wrote:
Yep, you guessed it. Yet MORE suffering. The horror. I don't >>> know how we'll ever get through this.
LOL. Yep. Most of the people living from paycheck to paycheck have
American Express cards.
HawHawHaw!
-------------------------------------------
The number of Americans enrolling for unemployment benefits rose for a
third straight week last week to the highest in eight months, signs
the economy was slowing due to rising interest rates and high inflation.
-------------------------------------------
LOL. Yep. Everybody's doing just great.
In June the unemployment rate jumped from 3.5% to 3.6%. The HORROR! The SUFFERING!
At one point when I was looking at moving back to Oregon the unemployment rate here was 7%. When we finally moved it was around a
more normal 5% and everyone thought they were doing pretty good. I
didn't have any problem finding all the work I wanted. Right now we're
at the national average 3.6% and you'll see help wanted signs on every highway and major street. If you want a CDL at least one company is advertising that they will help you get your CDL and pay you while
you're doing it.
People living paycheck to paycheck is nothing new and many of them have all sorts of plastic. For a lot of people the plastic is just part
of the cycle. Much of our middle class is living paycheck to paycheck
because of all the things they think they need.
TB
On 7/26/2022 5:40 PM, bfh wrote:
Technobarbarian wrote:
      Yep, you guessed it. Yet MORE suffering. The horror. I
don't know how we'll ever get through this.
LOL. Yep. Most of the people living from paycheck to paycheck have
American Express cards.
 HawHawHaw!
-------------------------------------------
The number of Americans enrolling for unemployment benefits rose for
a third straight week last week to the highest in eight months,
signs the economy was slowing due to rising interest rates and high
inflation.
-------------------------------------------
LOL. Yep. Everybody's doing just great.
In June the unemployment rate jumped from 3.5% to 3.6%. The
HORROR! The SUFFERING!
At one point when I was looking at moving back to Oregon the unemployment rate here was 7%. When we finally moved it was around a
more normal 5% and everyone thought they were doing pretty good. I
didn't have any problem finding all the work I wanted. Right now we're
at the national average 3.6% and you'll see help wanted signs on every highway and major street. If you want a CDL at least one company is advertising that they will help you get your CDL and pay you while
you're doing it.
People living paycheck to paycheck is nothing new and many of
them have all sorts of plastic. For a lot of people the plastic is
just part of the cycle. Much of our middle class is living paycheck to paycheck because of all the things they think they need.
TB
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