Economics
‘Strong Recovery’: Resilient Consumers Ease U.S. Recession Worry
- Latest earnings calls show inflation has yet to cause pullback
- Household finances solid and card spending bouyant, banks say
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Corporate executives are touting the strength of U.S. consumers in the face of surging inflation, assuaging mounting fears of recession.
Bank CEOs kicked off earnings season with a consistent message that household finances and demand are in solid shape. Procter & Gamble Co., which counts Tide, Bounty and Pampers among its brands, has seen consumers reaching for premium-brand products. Bank of America Corp. and credit-card giant American Express Co. noted solid travel demand.