Bank of America Reports Slowdown in Consumer Spending

6 months ago
An analysis of Bank of America’s (BoA) aggregated credit and debit card spending growth per household has shown a slowdown in such activity, underlining the negative effect of inflation. “In the 28-day period ending June 30, aggregate Bank of America card spending (credit and debit) per household was up 3.3 percent YoY (year-on-year). This was a slowdown from the 4.0 percent YoY at the end of May,” the July 7 report (pdf) states. In May, the Consumer Price Index (CPI) and Perso...
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