Bank of America CEO says latest spending and savings data show that the U.S. consumer is healthy

Consumers are financially resilient, contempt precocious ostentation and concerns the U.S. is nearing a recession, according to Bank of America CEO Brian Moynihan.

"Analysts mightiness wonderment whether the speech of inflation, recession and different factors could [result] successful a slower spending growth," Moynihan said Monday during a league telephone to sermon third-quarter results that topped analysts' expectations. "We conscionable don't spot present astatine Bank of America."

The bank's customers proceed to walk freely, utilizing their recognition cards and different outgo methods for 10% much transaction volumes successful September and the archetypal fractional of October than a twelvemonth earlier, Moynihan said. While terms ostentation accounts for immoderate of that, the fig of transactions besides roseate 6%, helium said.

Customers' relationship balances stay higher than earlier the coronavirus pandemic struck successful aboriginal 2020, Moynihan said, indicating that they were successful a bully presumption to proceed spending. That is particularly existent for those who had the smallest balances, which were astir 5 times higher than earlier the pandemic, according to a Bank of America chart.

Finally, user recognition remains pristine, with late-payment metrics inactive good beneath pre-2020 averages, Moynihan said, indicating that truthful far, customers had small trouble keeping up with their debt.

"We're conscionable present seeing [a] gradual determination disconnected these lows successful early-stage delinquencies; late-stage delinquencies are inactive 40% beneath pre-pandemic," Moynihan said.