American Express CEO says spending is strong, delinquencies are down from 2019

American Express CEO says spending is strong, delinquencies are down from 2019


Stephen Squeri, chairman and chief executive officer of American Express Co., speaks during an Economic Club of New York event in New York, US, on Thursday, Nov. 10, 2022.

Stephanie Keith | Bloomberg | Getty Images

American Express CEO Stephen Squeri on Friday said the credit card company saw “good consumer spending” during the holidays and signs of strong overall health for U.S. spending.

In particular, delinquency rates were “lower than they were in 2019,” Squeri told CNBC’s Scott Wapner in an interview at the American Express PGA Tour event in La Quinta, California.

“Our customers are high-spending premium customers, and they are continuing to spend,” he said.

The signs of resilient consumer spending run somewhat counter to persistent inflation. December’s consumer price index increased 0.3%, hotter than the 0.2% expected by economists.

But Squeri said he’s not surprised, adding he’s of the opinion that the U.S. is the midst of a “soft-landing,” slowing spending and bringing inflation down — without spurring a recession.

JPMorgan Chase CEO Jamie Dimon said earlier this week he remains cautious on the U.S. economy, along with Goldman Sachs CEO David Solomon who said it’s hard to imagine the number of Federal Reserve rate cuts that the market seems to be calling for in 2024.

“I mean look, recessions do happen,” Squeri said Friday. “The nice part about recessions is there’s always a recovery … We’ll get through whatever we need to get through, and part of that is because of our customer base, and our colleagues that are supporting our customers.”

American Express reports its fourth-quarter earnings on Jan 26.

Watch CNBC’s full interview with American Express CEO Stephen Squeri



Source

Nike stock soars 17% after CEO soothes investors, says recovery is on the horizon
Business

Nike stock soars 17% after CEO soothes investors, says recovery is on the horizon

Nike stock soared 17% on Friday after the company said the worst of its struggles are behind it, following a better than feared fiscal fourth-quarter earnings report.  Nike on Thursday reiterated it would take the biggest financial hit from its turnaround plan during the quarter, soothing investors who worried President Donald Trump’s tariff hikes on […]

Read More
Hemi V-8 engines and mechanical bull rides: Inside Stellantis’ plan to revive its Ram Trucks brand after yearslong sales declines
Business

Hemi V-8 engines and mechanical bull rides: Inside Stellantis’ plan to revive its Ram Trucks brand after yearslong sales declines

Stellantis’ Ram display is seen at the New York International Auto Show on April 16, 2025. Danielle DeVries | CNBC AUBURN HILLS, Mich. — Ram CEO Tim Kuniskis reemerged from a seven-month retirement late last year saying he “missed the fight” and admitting the Stellantis brand was getting smashed in the marketplace by its competition. […]

Read More
​Here’s how the luxury real estate market is splitting up
Business

​Here’s how the luxury real estate market is splitting up

View of luxury waterfront homes and boats along the intracoastal waterway near Jupiter Inlet in Jupiter, Florida in Palm Beach County Ryan Tishken | Istock | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future […]

Read More