American Express profit beats estimates as consumers shrug off slowdown fears

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Credit card issuer American Express Co reported a higher-than-expected quarterly profit that highlighted the health of the U.S. consumer even as ...

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REUTERS: Credit card issuer American Express Co reported a higher-than-expected quarterly profit that highlighted the health of the U.S. consumer even as fears mount that a manufacturing-led weakness could spread to the broader economy.

U.S. big banks' quarterly results also showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing. AmEx said foreign exchange adjusted proprietary card member spending rose 7per cent in the third quarter, led by strong consumer growth in both the United States and international markets.

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