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U.S. consumers are financially healthy but scared at the state of the world

Consumers are financially healthy but nervous about the state of the world, and that is stopping them from spending freely.

That’s one theme to emerge from the second-quarter earnings season, according to Goldman Sachs, whose analysts were taking stock Friday of what companies have had to say about the quarter and the rest of the year.

Analysts led by David Kostin analyzed earnings-call transcripts and identified four themes. Alongside the consumer reticence, those were a mixed performance of margins; the continued effect of the strong dollar; and the U.K. vote to leave the European Union, known as Brexit.

Earnings calls with the big banks revealed a consumer that was financially healthy, based on such factors as credit card spending, credit quality and the clear tailwind American are enjoying thanks to low gasoline prices.

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