The head of the nation’s second-largest bank said consumers are spending “at a faster rate” than he’s ever seen but he remains concerned about how inflation and supply-chain issues will influence the economy going into the winter.
In an interview this month with The Associated Press, Bank of America Chairman and CEO Brian Moynihan said spending on the bank’s debit and credit cards has surged as the economy recovered from recession.
Online sales during 2021’s Black Friday and Cyber Monday shopping holidays ended up being slightly less than those of the previous year, representing the first time such a decrease has been recorded. Americans shelled out $8.9 billion on Black Friday deals and $10.7 billion on Cyber Monday specials, compared to $9 billion and $10.8 billion in 2020, according to Adobe Analytics.
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