Americans' spending seen as solid through latest overseas turmoil

Washington

THE famed American consumer stands between Brexit and a pronounced slowdown in US economic growth. Thank goodness.

Households have plenty of wind at their backs to sail through the shock waves from Britain's vote to leave the European Union. Robust hiring, a nascent pick-up in wages, record wealth, low borrowing costs, smaller debt burdens and cheap fuel are all expected to help. Additionally, Americans already have had plenty of experience dealing with violent swings in financial markets.

"The consumer will remain the ballast in the economy," said Michael Feroli, chief US economist at JP…