Bank of America Consumer Checkpoint: Consumer spending momentum is remarkably robust, with total card spending rising 5.1% Y/Y in May - the strongest growth in nearly four years

Newsquawk StaffPublished 11 Jun 2026, 11:03 UTCOn the live feed at 10:43 UTC — 7 more headlines followed before this page went public

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Iranian Supreme Leader advisor Mokhber says that the war with the US will continue unless the US shows respect for Iranian interests, CNN reports

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Bank of America Consumer Checkpoint: Consumer spending momentum is remarkably robust, with total card spending rising 5.1% Y/Y in May - the strongest growth in nearly four years

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General Aerospace (GE) has named Judson Althoff to board, effective June 24th

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Moreover, growth isn't just gasoline-driven - underlying spending remains firm across both goods and services.
Notably, the gap across income cohorts has also narrowed significantly in both spending and wage growth, but some of this could reflect the impact of FIFA World Cup 2026, so remain cautious about whether this convergence will persist into the latter part of 2026. Additionally, while we see little sign of shifts in consumer behavior that would suggest weakness, some consumers are making more trips to the store, perhaps on the hunt for bargains.
Consumer financial health remains strong, with no clear signs of households resorting to borrowing to support spending. While the savings rate has fallen, households' level of savings is relatively elevated. And the seasonal upswing in deposit balances from tax refunds has been larger in 2026 than it was in 2025.

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