Friday’s hot jobs report for May shines the light on another key surprise: The consumer is hanging tough despite higher prices for gas and food. “Good jobs report, good print.
And it matches what we have been seeing over the last 12 months or so
Consistent consumer spending in the United States and around the world. Consumers are adjusting to some of the economic volatility. But the bottom line is spending continues, spending growth continues,” Mastercard CEO Michael Miebach said on Yahoo Finance’s Opening Bid (video above). “There’s a lot of conversation around a K-shaped economy …
Nevertheless, spending growth has been happening across all bands.” The analysis: Mastercard’s first quarter net revenue surged 16% year over year to $8.4 billion. Adjusted EPS came in at $4.60. Revenue for value-added services and solutions, the company’s highest-margin business, shot up 22%.