AmEx CEO: "Clear signs of a weakening economy and business environment"

From American Express:

"... we saw clear signs of a weakening economy and business environment in December,”
Kenneth I. Chenault, chairman and CEO.

And from CNBC:

The company also set aside $440 million in the quarter to cover loans that it expects won't be repaid.

Consumers are cutting back on their spending because of many factors that include higher energy and food prices, in addition to weakness in the credit and housing markets.