Bank of America said July card spending rose 5% year over year while credit stayed solid.
Why it matters: Bank-specific transaction data gives investors and policymakers a near real-time read on consumer demand. The bank's figures suggest higher gas prices have not yet broadly slowed spending or weakened credit quality at Bank of America.
- Bank of America Institute said total card spending rose 5.0% year over year in July 2026.
- Spending excluding gas increased 4.3% year over year in July, according to the bank's August Consumer Checkpoint.
- CNBC reported on Sept. 9, 2026, that CEO Brian Moynihan said Bank of America's data show the consumer is resilient.
- The bank said lower-income households spent 4.2% of income on gasoline in March 2026, up from 3.9% a year earlier.
Bank of America is using its own transaction data to argue that consumers are still spending even as gasoline costs rise. In comments reported by CNBC on Sept. 9, 2026, CEO Brian Moynihan said the bank's data show the consumer in aggregate is resilient. CNBC reported the comments.
The clearest numbers came from Bank of America Institute's August Consumer Checkpoint. It said total card spending increased 5.0% year over year in July 2026, while spending excluding gas still rose 4.3% year over year. Those are bank-specific indicators, not economy-wide readings, but they point to continued demand even with fuel costs moving higher. Bank of America Institute's August Consumer Checkpoint
The bank has also said gasoline is taking a larger share of income for lower-income households. In separate affordability research, it said those households spent 4.2% of income on gasoline in March 2026, up from 3.9% a year earlier. Bank of America Institute's gas-affordability study
By the numbers
- 5.0% - year-over-year increase in total card spending in July 2026, per Bank of America Institute
- 4.3% - year-over-year increase in spending excluding gas in July 2026
- 4.2% - share of income lower-income households spent on gasoline in March 2026, up from 3.9% a year earlier
Yes, but: These are Bank of America transaction trends, so they may not reflect the broader U.S. economy.