Bank of America Warns Consumer Spending Momentum Easing Across All Income Levels, Number of Households Receiving Unemployment Payments Growing
Consumer spending slows down all income levels, according to the Research Branch of the America Bank.
The Bank of America Institute said Consumer transactions and unnecessary expenditure expenses have been decreasing since the start of the year.
“The gradual relaxation of the momentum of consumer expenditure is not only due to a drop in inflation – the growth in the number of transactions has also cooled. Consumers seem to go back in particular on discretionary services for larger tickets such as plane tickets and housing. ”
Data show that since January, total credit and debit expenses in all households are contracting, low -income households showing the largest drop in the growth rate.
“A certain slowdown in spending growth has been consistent between cohorts of income since the start of the year, although the growth of low -income household expenditure is the lowest. In our opinion, this partly reflects a relative sweetness in their salary growth after tax. US deposit data. »»
The banking giant also warns that if the labor market continues to be solid, unemployment payments are increasing.
“Although the overall labor market remains very healthy, we see certain signs of an increase in households receiving payments of unemployment. In particular, the number of high income households receiving such payments in the Bank of America deposit accounts accelerated to 6.1% of Yoy growth in April from 1% in sliding year
The report is based on aggregated and anonymized transaction data of the Bank of America.
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