Low Unemployment ‘Positive,' but Inflation ‘a Mixed Bag’: AmEx CEO
Though American Express is “wary of the uncertainties” in the current economic environment and the impact it's having on the business, Q2 revenue grew 31% year over year, reaching a record $13.4 billion, said CEO Stephen Squeri on a quarterly…
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earnings call Friday. The “historically low” U.S. unemployment rate “is a positive factor, as it's helping to drive our strong credit metrics, and we continue to see no significant signs of stress in our consumer base,” he said. But inflation “is a bit of a mixed bag,” said Squeri. “It's a modest contributor to our strong growth in volumes, but inflation when combined with low unemployment also puts pressure on operating costs,” he said.