Bank of AmericaChief Executive Brian Moynihan (Brian Moynihan) said Monday that American consumers are spending more as the US economy reopens.
Mr Moynihan says transactions on customers' credit and debit cards and Zelle payment networks have increased by 20 per cent so far in 2021 compared with the same period in 2019. The comparison does not include data for 2020, which is abnormal in many ways because of the impact of the COVID-19 epidemic.
"people get a lot of stimulus money, and they spend money all the time," Moynihan said. Unemployment is falling and people are going back to work. People can go to amusement parks and travel within the United States. They can eat out, and everything is reopened. "
The massive COVID-19 bailout of President Joe Biden's stimulus bill helped the country avoid the wave of defaults on credit cards, mortgages and car loans expected at the start of the epidemic.
Mr Moynihan said that with the exception of spending on travel, almost all categories of expenditure had recovered and travel spending was still 15 per cent lower than in 2019.