Is a Recession Coming? JPMorgan Chase Isn't Seeing It Yet
As investors have likely heard, many economists and experts are penciling in a recession sometime this year or in 2023. In fact, some think we could be in one right now. But as the largest bank in the U.S., JPMorgan Chase (NYSE: JPM) is often considered a bellwether for the economy because it does business with so many different industries and in so many different parts of the country. On its recent earnings call for the second quarter, JPMorgan said it has yet to see signs of a weakening economy. Here's why.
Obviously, the data is slightly out of date right now, but JPMorgan continued to see a strong consumer in the second quarter of the year. Credit card loan balances jumped 9% in the quarter. Total debit and credit card spending among the bank's customers also grew 15% year over year.
Image source: JPMorgan Chase.
Source Fool.com
