Bank of America CEO says the consumer remains resilient despite rising gas prices
Bank of America CEO Brian Moynihan said the bank’s data shows consumer spending and credit remain healthy despite rising gasoline prices.
TL;DR
- Consumer spending in August increased by 4% year-over-year, following a 5% increase in the last quarter.
- Despite rising gasoline prices, Bank of America's data shows consumer spending and credit remain healthy.
- Credit statistics are at their best in years, with credit card balances increasing in line with overall economic growth.
- Businesses continue to borrow, invest, and utilize credit lines, with good credit quality.
- Higher interest rates are impacting borrowing costs, particularly for small and midsize businesses.