|
Spain and Italy were the hardest hit markets, a sign that even the wealthiest in those countries are worried. Customers in Spain, where banks are teetering, spent 5 percent less. In Italy, Amex revenue was flat. However, revenue grew 4 percent in U.K. and 5 percent in Germany, according to American Express chief financial officer Daniel T. Henry, who made a presentation to analysts on Wednesday evening after releasing earnings. The U.S. stock market also swung wildly in the quarter. The Standard & Poor's 500 index fell 3.3 percent and the Nasdaq 5 percent. Amex's results provide investors insight into how the affluent consumer is doing. According to Citi Research the affluent account for about nine-tenths of stock owners in the country and are the most impacted by stock market volatility. These same high-income consumers also account for about half of all spending in the U.S. Amex's growth slowed in the U.S. Compared to the 35 percent income growth in the first three months of the year, Amex's income in the second quarter rose 8 percent, and revenue grew by 7 percent in the U.S.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor