Daily Economic Indicator: Banks' earnings signal turn in credit cycle

Bank of America, Wells Fargo and other banks reported quarterly earnings results that show losses on consumer loans are beginning to moderate. Bank executives said they expected the turnaround to continue this year, but they cautioned that slow economic growth and high unemployment would continue to pressure consumers. "We are encouraged by signs the economy is improving," said Brian Moynihan, chief executive officer of BofA. "[But] economic conditions remain fragile, and we expect high unemployment levels to continue."

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