Consumer spending on goods and services, which makes up 70% of American Express’s business, grew at a similar pace to the first quarter, Le Caillec said. Travel and entertainment, meanwhile, declined a bit from the prior quarter due to less spending on airline and lodging. Restaurant spending remained strong.

American Express reported record revenue for the second quarter as its typically affluent cardmembers boosted spending by 7% from a year earlier, even as consumers grapple with lingering price inflati...