Bank of America isn’t experiencing any slower growth in spending either, despite inflation having reached historic highs. CEO Brian Moynihan said earlier this week that the bank’s customers continue to spend freely, using their credit cards and other payment methods for 10% more transaction volume in September and the first half of October than a year earlier.
“Analysts might wonder whether the talk of inflation, recession and other factors could [result] in a slower spending growth,” Moynihan said Monday during a conference call. “We just don’t see [that] here at Bank of America.”
Recent economic data, though, have shown signs of stagnation in consumer spending. Retail and food services sales were little changed for September after adding 0.4% in August, according to the advance estimate from the Commerce Department.