Credit card delinquencies are starting to go vertical pic.twitter.com/QcBcMdmbDF
— QE Infinity (@StealthQE4) June 1, 2024
‘We got to keep the consumer in the game’: Brian Moynihan worries about a spending slowdown
Bank of America’s CEO says inflation has been sapping U.S. sentiment
Bank of America Corp. Chief Executive Brian Moynihan said the economic health of the United States going forward depends on whether consumers keep spending despite inflation that may start cooling off late next year.
“We got to keep the consumer in the game in the U.S. economy because it’s such a big part of it,” Moynihan said Thursday at the AllianceBernstein Strategy Decisions Conference.
Wages were revised lower in today’s personal income report.
Real private sector income grew at a 2.9% annualized rate from 2009-2020.
Since 2020, real private income rose at a 1.3% rate.
The gap between today’s income level and the pre-COVID trend is more than $1 trillion. pic.twitter.com/JNE58xfoMn
— Eric Basmajian (@EPBResearch) May 31, 2024
