Bank of America CEO Brian Moynihan says the US consumer is healthy | So Good News

Consumers are tight on the economy, despite rising prices and concerns that the US is on the verge of a recession, according to Bank of America CEO Brian Moynihan.

“Researchers may wonder if the issue of inflation, recession and other factors is possible [result] on slower revenue growth,” Moynihan said Monday during a conference call on third-quarter results that raised analysts’ expectations. “We don’t see it. [that] here at Bank of America.”

Bank customers continue to spend more liberally, using their credit cards and other payment methods 10% more in September and the first half of October than a year ago, Moynihan said. Although inflation accounts for some of that, the number of sales also rose 6%, he said.

Customer accounts remain higher than before the coronavirus pandemic in early 2020, Moynihan said, indicating they have the opportunity to continue spending. This is especially true for those who had small loans, which were almost five times higher than before the pandemic, according to the Bank of America chart.

Finally, consumer credit remains healthy, with late payments still at their lowest in 2020, Moynihan said, indicating that until now, customers have had trouble keeping up with their credit.

“We see now [a] this gradual downward movement at the beginning of the attack; late crime is still 40% below the pre-pandemic level,” Moynihan said.