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

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