Economic updates on Coronavirus
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Consumer spending in the U.S. is exacerbating the epidemic as a sign that consumers are ignoring the concerns surrounding the Delta in order to resume economic recovery, according to bank officials.
At JPMorgan Chase, the largest bank in the US, debit and credit card debt remains 18 to 19% higher than the 2019 figure, buyer and chief banker Marianne Lake told economists at an event held on Tuesday.
Consumer spending has skyrocketed in 2021 as it nears the end of last year and “energy has been with us for the summer, and we are here today” – despite a reduction in travel and accommodation costs, Sea said.
His comments were echoed by Mike Santomassimo, chief financial officer at Wells Fargo.
“Even the noise produced by the Delta brand, you still see [the economic recovery] go ahead, “said Santomassimo, pointing to more money to buy and credit card.
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Other species most affected by the epidemic such as travel have begun to decline in recent weeks, but “people are spending their money”, he said.
These interesting comments, made at a legislative conference at Barclays, buck wide anxiety within U.S. corporations for failing to run Covid-19, which has forced other companies to re-plan and review what has been predicted.
Business leaders are looking to U.S. consumers to address the global economic crisis following the coronavirus epidemic. But corporate pressures ranging from a shortage of workers to a catastrophic storm have made it difficult for businesses to ship goods and services even when consumers are out of control.
However, JPMorgan and Wells say credit requirements have not diminished, the region anxiety to banks this year as a result of a government audit, the amount of money saved, and high corporate stocks. Banks say interest rates have been stabilized following a pandemic, although the Sea says it will not happen until 2022.