American Express and Bank of America reported strong first-quarter 2025 earnings, highlighting resilience among consumers despite economic uncertainty. American Express noted that its wealthier clientele continues to spend actively, with CEO remarks emphasizing that white-collar unemployment trends more directly influence their customer base's spending patterns than overall unemployment rates. Bank of America CEO Brian Moynihan described consumers as resilient, continuing to spend even as business owners express concern about the shifting economy. Bank of America's consumer banking deposits increased from $928 billion in mid-August 2024 to $972 billion by the end of the quarter, with the rate paid on deposits declining to 61 basis points. However, consumer loans decreased by more than $200 billion, driven by declines in home equity loans and unsecured credit card loans. Despite a substantial $7 trillion loss in stock market wealth, Bank of America remains optimistic about consumer spending and does not anticipate a recession in the near term. Overall, major U.S. companies portray a cautiously optimistic view of the economy, supported by ongoing consumer spending.