American Express reported that total travel and entertainment (T&E) spending in April exceeded pre-pandemic levels for the first time. CEO Steve Squeri, speaking on a second quarter earnings call, said the results were led by strong growth in global consumer and small-to-midsize enterprise (SME) spending, and “a significant uptick” in large and global corporate travel. He said the company does not see demand in the T&E categories declining significantly anytime soon, based on the strength of future bookings coming through its consumer travel agency and the trends its partners in the travel industry like Delta are experiencing, particularly in the premium space. Of course, said Squeri, “we are wary of the uncertainties in the current economic environment and the impact it’s having on our business.” Acquisitions of US consumer Platinum, Gold and Delta co-brand cards were all at record highs, he said, and customer retention and credit quality both remain at exceptionally strong levels.