What Data From 9 Million Bank Accounts Tells Us About The State Of The US Economy
Portfolio Pulse from Natan Ponieman
A new report by JP Morgan Chase (NYSE:JPM) reveals that the median American now has more money in their bank account than before the pandemic, even when adjusting for inflation. However, account balances are at their lowest point in over three years, indicating a return to pre-pandemic levels. J.P. Morgan's shares have climbed almost 5% in the last five trading sessions and 2.4% on Monday alone, following better-than-expected quarterly results. The report also shows that median cash balances for all income groups were 10 to 15 percent higher by the end of March 2023, compared to March 2019.
July 18, 2023 | 2:49 pm
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JP Morgan Chase's report indicates a return to pre-pandemic financial levels for Americans, while the bank's shares have seen a recent increase following positive quarterly results.
The report indicates a return to pre-pandemic financial levels for Americans, which could be seen as a positive sign for the economy and therefore for banks like JP Morgan. Additionally, the bank's shares have seen a recent increase, which is likely due to its better-than-expected quarterly results. This could make the bank more attractive to investors, potentially leading to further increases in its share price.
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