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Why gas prices haven’t hurt consumers yet, according to JPMorgan

Tomi Kilgore
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JPMorgan Chase exceeded first-quarter earnings forecasts, driven by record market revenue amid geopolitical volatility tied to the Iran conflict. Despite rising gasoline prices, U.S. consumers continued spending, reflecting sustained economic resilience and stable income levels. CEO Jamie Dimon noted businesses remained healthy, with no significant slowdown in consumer activity despite higher fuel costs. The bank’s strong performance contrasts with market expectations of inflation-driven pullbacks, signaling persistent economic momentum. Analysts attribute the spending resilience to robust wage growth and accumulated savings, offsetting energy price pressures.
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Why gas prices haven’t hurt consumers yet, according to JPMorgan(4 min)(4 min)JPMorgan Chase beat first-quarter earnings expectations, with volatility from the Iran conflict leading to record market revenue and with consumers continuing to spend in the face of higher gasoline prices.“The U.S. economy remained resilient in the quarter, with consumers still earning and spending and businesses still healthy,” CEO Jamie Dimon said.About the AuthorTomi Kilgore is MarketWatch's Managing Editor, Companies, and is based in New York. You can follow him on Twitter @TomiKilgore.A Dow Jones CompanyCopyright © 2026 MarketWatch, Inc. All rights reserved.

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