Bank of America reported a 0.9% year-over-year increase in credit and debit card spending during August after July's 0.4% decline. Bank of America Institute ...
Bank of America reported a 0.9% year-over-year increase in credit and debit card spending during August after July's 0.4% decline. Bank of America Institute senior economist David Tinsley joinsTinsley notes that consumers are mainly spending on services, saying,"It's mainly an experiences story. So when we dig into our data, what we're seeing is tourism both within the US and externally, internationally, has been strong really over the last few months.
So when we dig into our data, what we're seeing is tourism both within the US and externally internationally has been strong, really over the last few months.The Olympics in Paris, Uh, but domestically has been pretty good as well.In other words, kind of like domestic tourism spending that's been strong.There's been increased concerns about the unemployment rate taking higher the state of the labour market.
But if you did buy a car over the last few years and finance that on these quite high rates of interest on the car financing rates, you are likely to see quite a steep auto payment rise. That's not quite so true now, but it's still the case that there is a bit a bit of a divergence, with the older gens basically outspending.It's another one that we are consistently discussing, but we have seen sticky areas of inflation like shelter.
David Tinsley Labour Market Spending
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