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Bank of America sees resiliency in consumer spending in face of rising inflation

·1 min read
Bank of America sees resiliency in consumer spending in face of rising inflation
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Bank of America Corp. said consumer spending is showing "signs of resiliency" in the face of rising inflation, as the squeeze of increasing gas prices is being offset by pent-up demand for services such as travel and entertainment. The bank said spending per household during the 28 days prior to June 30 grew 3.3% from a year ago, as the labor market remains supportive and consumer balance sheets "are in good shape." BofA said credit and debit card spending in June was up 11%. Average gas spendin