Part 4/7:
Confidence amongst consumers remains buoyant, as evidenced by retail sales rising above expectations, particularly in automotive purchases. However, there are signs of caution as spending on services shows signs of moderation. The juxtaposition between strong consumer goods sales and declining service spending leads many to conclude there may be a shift in prioritization as we transition into the busy holiday season.
Brian Moynihan, CEO of Bank of America, elaborated on this consumer resilience, asserting that spending remains robust with a low unemployment rate and soaring asset prices continuing to support household spending. He expressed confidence in the ability for the economy to navigate inflation pressures while still fostering growth.