US Consumers Power On, Though Borrowing Pickup Highlights Risk [Business News Network (BNN) (Canada)]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: Business News Network
Recent gains in overall retail sales, combined with solid earnings reports from retailers, foreshadow strong second-quarter consumption and suggest consumers aren't yet deterred by higher inflation. But the spending binge -- fueled more recently by increased credit card use -- might not last. “Whether they are relying on credit, drawing down excess savings or simply saving less of their monthly income to fund purchases, the April data show little signs of an impending slowdown,” Wells Fargo & Co. economists Tim Quinlan and Shannon Seery said in a note. Still, “as we look out into the rest of this year and beyond, we expect that the apparent superpower of consumers to defy gravity will eventually wear off.” The value of receipts at retailers rose a broad-based 0.9% in April, indicating that demand for merchandise remains resilient despite rampant inflation, a Commerce Department report showed. Nine of 13 retail categories rose in April, including outlays for discretionary items
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WFC
Earnings
- 4/12/24 - Beat
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Sec Filings
- 4/25/24 - Form 424B2
- 4/23/24 - Form 8-K
- 4/23/24 - Form PX14A6G
- WFC's page on the SEC website