Leading banks yesterday provided evidence that the US consumer recession is abating, reporting that losses on credit cards, mortgages and other loans are starting to moderate.
A raft of lenders including Bank of America, Wells Fargo and US Bancorp reported first-quarter results that revealed they were seeing signs of a turn in the credit cycle thanks to an economic recovery fuelled by huge government stimulus.
Executives said they expected the improvement to carry on into 2010 but warned that high unemployment and slow economic growth would continue to keep consumers under pressure.
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