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Americans Are Still Holding on to Their Stimulus Paychecks – BoA

June 8, 2021 by Forex Winner Leave a Comment

Americans Are Still Holding on to Their Stimulus Paychecks - BoA

Source: CNN

Most Americans continue to park the last rounds of economic stimulus they received in banks.

personal consumption expenditures
  • Bank of America Chief Executive Officer Brian Moynihan said most clients of the bank have not yet spent about 65% to 70% of the most recent stimulus paychecks.
  • The United States released $804 billion to individuals and families classified as low and middle income categories.
  • Consumers are starting to spend on leisure activities such as hotel accommodations, restaurants, and car rentals.
  • Consumer spending has breached $1 trillion so far this year. This is 20% higher than the comparative period in 2019.
  • The sudden growth of consumer spending could drive inflation if demand would surpass what the economy can provide.
  • Moynahan likewise flagged key risks such as issues on supply chains and worker shortages.
  • The Bank of America expects the U.S. economy to expand 7% in 2021 and 5.5% next year. 

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