Second-quarter earnings from five major U.S. banks have delivered one of the clearest corporate signals yet that the economy is not sliding into an immediate recession. JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs and Citigroup reported strong revenue, resilient credit quality and renewed activity in capital markets, challenging expectations that elevated borrowing costs and persistent uncertainty would sharply weaken households and businesses.

The economic message became more significant when the reports were considered together rather than as separate company results. The five institutions have different business mixes, ranging from consumer cards and mortgages to corporate lending, trading, wealth management and merger advice. Strength across those operations suggests the quarter was supported by more than one unusually profitable business line.

JPMorgan produced the largest headline number, reporting second-quarter net income of $21.2 billion, or $7.70 per share. That figure included a $4.6 billion gain related to Visa shares and another $1 billion in gains on certain equity investments. Excluding significant items, the bank earned $16.9 billion, or $6.14 per share—still a powerful result from the country’s largest lender.

The operating details were particularly relevant to the economic outlook. JPMorgan said average loans increased 10% from a year earlier and average deposits rose 7%. Debit- and credit-card sales volume climbed 10%, indicating that customers continued spending despite lingering pressure from prices and interest rates. Its card-services net charge-off rate was 3.34%, below the previous quarter’s level, while the bank reduced its full-year charge-off forecast.

JPMorgan’s corporate and investment bank also recorded a surge in activity. Investment-banking fees increased 30% from a year earlier, and markets revenue rose 35%, led by an 86% increase in equities revenue. Some of that performance reflected volatility rather than purely stronger economic growth, but the increase in underwriting, financing and advisory activity showed that companies were not broadly retreating from investment or capital raising.

Bank of America provided another important reading on household finances. The bank reported $9.1 billion in net income, or $1.21 per diluted share. Revenue increased 15% to $31.6 billion, while net interest income rose 9% to $16 billion. The bank also said consumer spending, deposit balances and investment balances improved from the previous quarter.

Credit-card performance at Bank of America was better than a year earlier. Its card charge-off rate declined to 3.55% from 3.82%, while combined credit- and debit-card spending increased 9%. Those figures do not mean every household is comfortable. Lower-income consumers remain more exposed to rent, food and energy costs, and borrowers who rely heavily on revolving credit continue to face expensive interest charges. But the aggregate data showed no sudden collapse in payment behavior.

Wells Fargo’s report reinforced the lending and credit trends. The bank earned $6.4 billion, or $2 per diluted share, on revenue of $22.6 billion. Revenue rose 9% from a year earlier, with net interest income up 5% and noninterest income up 13%. Average loans increased 12%, and average deposits grew 10%.

Wells Fargo’s provision for credit losses declined to $914 million, and net loan charge-offs fell from a year earlier. The annualized charge-off rate was 0.34% of average loans. Consumer banking revenue increased, new credit-card accounts rose sharply and auto originations expanded. Commercial banking loans and deposits also grew, indicating that demand for financing extended beyond consumers.

Goldman Sachs supplied the strongest evidence that corporate confidence and financial-market activity had revived. The firm reported $20.34 billion in net revenue and $6.63 billion in net earnings. Diluted earnings reached $20.98 per share, compared with $10.91 a year earlier. Goldman said activity accelerated across its franchise as clients pursued strategic transactions, financings and market trades.

Goldman’s performance is less directly tied to household finances than those of the large consumer banks. However, investment-banking and trading results can reveal whether executives, investors and institutional clients are willing to take risks. Stronger merger activity, equity issuance and debt underwriting suggest businesses still expect access to funding and opportunities for expansion. Those conditions are inconsistent with the deep freeze in corporate decision-making that often accompanies a recession.

Citigroup rounded out the five-bank picture with $5.8 billion in net income, up 45% from the prior-year quarter. Revenue increased 14% to $24.8 billion, with growth across each of Citi’s five interconnected businesses. Net interest income rose 13%, and the provision for credit losses declined to $2.5 billion from $2.9 billion a year earlier.

Citi’s consumer-card operation still showed areas requiring caution. Net credit losses increased, and the bank continued investing in its U.S. card portfolio. Yet management said loan growth, spending and credit performance were better than expected. Banking revenue rose 34%, while wealth revenue increased for a ninth consecutive quarter, illustrating strength among both institutional and affluent clients.

Newer results have offered additional support for the broader consumer trend. Capital One reported improving credit-card losses and a lower provision for loan losses in results released this week. Although Capital One is not one of the five banks at the center of the comparison, its card-heavy portfolio provides a useful check on whether the favorable credit readings were limited to customers of diversified global banks.

The combined evidence undermines three pillars of the most bearish economic case. First, consumer delinquencies and charge-offs have not deteriorated at the pace expected in a downturn. Second, spending volumes continue to grow. Third, corporations are borrowing, issuing securities and pursuing transactions rather than preserving cash at all costs.

There are still reasons to resist declaring an economic victory. Some bank profits were amplified by volatile markets, unusually active trading and one-time gains. Higher-income households account for a substantial share of consumer spending, potentially masking stress among less affluent borrowers. Commercial real estate, private credit and lower-quality corporate debt also remain possible sources of losses.

JPMorgan Chief Executive Jamie Dimon warned that geopolitical tensions, sticky inflation, large fiscal deficits and elevated asset prices could create meaningful disruptions. Those concerns matter because bank earnings describe conditions during the quarter that ended June 30; they do not guarantee that credit and spending will remain healthy through the rest of the year.

For now, however, the five reports point away from an imminent contraction. They show an economy in which consumers are still transacting, companies are still raising money and banks are still expanding loans without setting aside dramatically larger reserves. The bear case has not disappeared, but it now requires evidence of a future reversal rather than proof that a broad downturn is already underway.