Bank of America credit and debit card spending dropped YoY for the 1st time since Feb 2021

Gaining some traction today is that Bank of America, the leading bank for consumer credit cards, saw credit and debit card spending fall -1.2% year-over-year in April 2023. That was the 1st fall since February 2021.

Looking at discretionary spending percentage change from 6 months and one month ago, higher income households (earning over $125,000) cut spending for the month. For incomes from $50,000 to $125,000, spending was unchanged.

Unemployment is rising fastest amongst higher-income households, while their pay growth is weakest. That is being reflected in the numbers. Lower paying jobs are being filled in leisure and hospitality. Spending within that demographic remains positive.

A little shot across the bow for slower growth and lower inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term pressure.