American Express says small businesses are showing signs of moderation as consumer spending remains strong. CFO Christophe Le Caillec says at the UBS Financial Services Forum that tenured small-business customers have been spending less, which is dampening the company’s growth rates. Still, consumers are “doing what they do best, which is to consume,” Le Caillec says. He notes strong demand for new cards from consumers and strong spending growth, with the caveat that American Express’s customers may not be representative of the entire U.S. economy. Shares rise 0.9% to $216.52.