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AmEx Fears Second Joblessness Wave After No-Layoff Vows Expire

Walmart's Celebrity-Studded Annual Party Is Silenced by Covid
Photographer: Terra Fondriest/Bloomberg

American Express Co. fears the U.S. could see another increase in unemployment next year as large companies’ vows to avoid job cuts in 2020 begin to expire.

“The question is, Where does the economy go over the next six to 12 months?” Chief Financial Officer Jeff Campbell said at a virtual investor conference on Wednesday. “Have we had the main shock of unemployment and stress on the small businesses” or, he added, “are you going to see further shocks?”