Wage growth and savings accumulated during the pandemic have bolstered consumers' financial health and encouraged them to continue splurging even as economic jitters persist.
The central bank keeping interest rates higher for longer, however, could test their long-held optimism, analysts have warned. Gross profit of Block's Cash App climbed 27 per cent in the quarter compared with a year earlier, while its Square business reported a 15 per cent rise. The company's total net revenue was $5.62 billion for the three months ended Sept. 30, compared with $4.52 billion a year earlier.
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