Everything is fine in the economy, but fear is everywhere.
On the same call, CFO Jeremy Barnum noted that the country's biggest bank has "yet to observe a pullback in discretionary spending, including in the lower income segments."Travel and dining spending jumped 34% over last year, Barnum said, as consumers shifted their demand from goods to services this year., which may dent growth going forward.
Real average hourly earnings dipped 1% from May to June, and 3.6% from June of last year to this year, according to government"The most important indication for the economy over the next few weeks will [be] earnings releases as companies report," Gargi Chaudhuri, head of BlackRock's iShares Investment Strategy Americas, wrote earlier this week.
Specifically, Chaudhuri and her team will be keeping an eye on which companies can continue to pass high prices onto consumers, and which sectors are revising forecasts lower."Even if we go into a recession, [consumers are] entering that recession with less leverage, in far better shape than they did in '08 and '09, and far better shape than they did even in 2020," Dimon said.
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