Consumer spending is 'soft but stable': Economist [Yahoo! Finance Canada]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance Canada
To shed light on this consumer spending trend, Bank of America Institute Senior Economist David Tinsley joins Wealth! Tinsley characterizes the consumer spending momentum as "soft but stable." Notably, he highlights that low-income consumers continue to spend actively despite the inflationary environment, sometimes even outpacing higher-income consumers. The economist emphasizes that at the lower end of the wage and salary spectrum, growth remains robust at around 4% year-over-year. "The labor market has been very beneficial to the lower end over the last few years," Tinsley says, potentially fueling the continued spending. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Angel Smith Video Transcript Bank of America's latest consumer checkpoint shows Total card spending per household in April rose 1% from the year prior, a big rise from 3/10 of a percent in March. The bank attributing the gain
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