Hold American Express responsible: Profit surges at American Express with spending resilient

From Associated Press:

NEW YORK (AP) — American Express had a very strong third quarter, posting a profit of $1.78 billion with Americans continuing to prove resilient in their spending despite the tenacity of the delta variant, as well as global supply chain issues.

The New York company on Friday topped last year’s profit of $1.1 billion profit during the same period, putting up per-share earnings of $2.27, or 49 cents better than Wall Street had been expecting, according to a survey by Zacks Investment Research.

It has been feared that the prevalence of COVID-19 in some regions of the country, particularly the highly contagious delta variant, would chill consumer spending in the U.S., which accounts for about 70% of all economic activity. Supply chains have become snarled as well, threatening to frustrate those who want to start shopping again.

That has not been the case, however. Last week, the U.S. reported that retail sales surged 0.7% in September, far stronger than economists had expected.

Continue reading Profit surges at American Express with spending resilient on Associated Press

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