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NEW YORK, Oct 11 - U.S. consumers remain resilient with solid spending in the third quarter, two of the country's biggest lenders said on Friday, although there are signs higher inflation has stretched some Americans on lower incomes.
Weakening job market data had sparked concerns that Federal Reserve rate hikes aimed at taming inflation may tip the United States into a recession or"hard landing." "The fact that ... not only are we averting a hard landing, there might even be a chance that there's no landing, and that we're able to continue to push forward is definitely going to be a big windfall for banks," said Taylor Krystkowiak, vice president and investment strategist at Themes ETFs.
"When you look at the overall average it looks good, but I think it's being skewed more by the higher income, higher net worth consumer," said Paul Nolte, senior wealth advisor and market strategist for Murphy & Sylvest in Elmhurst, Illinois. More than decade-high credit card delinquencies had also stoked fears earlier this year that Americans were becoming over-stretched, but that picture improved in the second quarter, the Federal Reserve Bank of Philadelphia said on Wednesday.
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