The third-quarter earnings results of major U.S. banks show that consumers’ financial health remains strong, with credit losses and spending holding up well despite economic and labor market concerns. JPMorgan Chase expects improved credit quality, Wells Fargo set aside less for potential loan defaults, and Citigroup reports better delinquency rates. Wells Fargo CEO Charles Scharf highlights strong consumer spending and stable deposits as indicators of continued consumer strength. These results point towards a resilient consumer base amidst broader economic challenges.

Read more at Barron’s: Big Banks’ Earnings Offer Encouraging Consumer Picture as Economic Fears Linger