What Bank Earnings Just Revealed About the Health of the American Consumer

Major banks JPMorgan Chase and Bank of America reported strong Q2 earnings, revealing resilient consumer spending across all income segments. Credit metrics improved significantly, with lower charge-off rates and increased debit/credit card volumes. Banks attribute strength to a stable labor market with ~4.2% unemployment and higher tax refunds, though executives acknowledge some lower-income consumers still face wage stagnation amid inflation.