Bank of America says robust credit card spending signals consumer strength

Bank of America Corp. said Thursday its 67 million consumer and small business clients hiked their aggregate credit and debit card spending by 13% in April. David Tinsley, senior economist for the Bank of America Institute, said the data “continues to paint a healthy picture of the U.S. consumer.” Credit card spending rose 22% over the prior year and debit card spending rose 6%. Overall transactions rose 8% year-over-year. Airline and travel agency spending increased by 60% and spending on event ticket agencies increased by 140%. Shares of Bank of America are down 15.6% in 2022, compared to a loss of 13% by the S&P 500 .

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