Business & Finance
Bank of America chief says consumer spending remains resilient despite fuel costs
Consumer spending and credit health remain strong despite rising fuel expenses, according to CNBC reporting on Bank of America data.
The short version
- Bank of America CEO Brian Moynihan stated that bank data shows consumer spending and credit quality remain healthy despite elevated fuel costs.[CNBC]
- August customer spending rose approximately 4% compared to the same month last year, according to Moynihan.[CNBC]
- Brent crude oil surpassed $100 per barrel on Wednesday amid rising energy market costs.[CNBC]
- Higher interest rates continue to increase borrowing expenses, particularly for small and midsize firms using short-term credit lines.[CNBC]
Key facts
- Bank of America CEO Brian Moynihan stated that bank data reflects healthy consumer spending and credit conditions.[CNBC]
- August consumer spending increased about 4% year-over-year according to Moynihan.[CNBC]
- Brent crude oil prices climbed past $100 per barrel on Wednesday.[CNBC]
- Moynihan stated that credit statistics are as strong as they have been in years and downplayed concerns over record credit card debt relative to broader economic expansion.[CNBC]
- Elevated interest rates have raised borrowing costs, notably for small and midsize enterprises dependent on short-term credit lines.[CNBC]
What remains uncertain
- The extent to which sustained high energy prices and higher borrowing costs will eventually suppress overall consumer demand remains unmeasured in the provided data.[CNBC]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.