Economy

Credit and debit card spending is 20% higher this year than 2019, Bank of America CEO Brian Moynihan says

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American consumers are spending more freely as the economy continues to open up, according to Bank of America CEO Brian Moynihan.

Transaction volumes on customers’ credit and debit cards and over the Zelle payment network has grown by 20% so far this year compared to this point in 2019, Moynihan told CNBC’s Becky Quick Monday on CNBC’s “Squawk Box.” The comparison excludes 2020, an abnormal year in many respects because the onset of the pandemic led to widespread stay-at-home orders.

“People got a lot of stimulus money and they’ve been spending it,” Moynihan said. “The unemployment rate is coming down and people are going back to work. People can go to amusement parks, they can go on an…



Source cnbc.com

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