Americans are spending again and American Express is booming

American Express Co.’s second-quarter revenue surged as people started spending more at a time when many are getting vaccinated against COVID-19 and feel more comfortable going out to restaurants, shops and entertainment venues again

NEW YORK -- Spending at restaurants, shops and entertainment venues has come back in force as vaccines become more common, fueling a revenue surge at American Express during the second quarter. That momentum picked up as the quarter progressed, particularly spending from younger customers, the company said Friday. “We saw card member spending accelerate from the prior quarter and exceed pre-pandemic levels in June, with the largest portion of this spending growth coming from Millennial, Gen Z, and small business customers," Chairman and CEO Stephen Squeri said in a prepared statement. Revenue, net of interest expense, jumped to $10.24 billion from $7.68 billion last year, and that was stronger than the $9.47 billion that Wall Street was looking for, according to a survey by Zacks Investment Research.