AMERICANS SPENT 4% MORE IN AUGUST AS BRENT CROSSES $100

🔴 Americans spent about 4% more this August than last August, even with Brent crude topping $100 a barrel.

That number comes from Bank of America CEO Brian Moynihan, speaking on CNBC's Mad Money. His bank sees the card swipes and deposits of millions of customers, which is why investors treat his read as a near real-time economy check between official reports.

The pace is cooling slightly. Last quarter, spending growth ran at 5%. Now it is 4%.

Moynihan's verdict: "Everything we see is fine."

The context matters. Energy prices climbed through August and into September amid escalating tensions between the US and Iran, with Brent crossing $100 on Wednesday. Higher pump prices are the classic squeeze on household budgets.

On credit, he said the statistics are as good as they have been for years. And he pushed back on the alarm around record credit card balances, arguing the economy is 40% bigger, so what looks like a debt spike is a recovery back to trend.

Businesses are still borrowing too. But Moynihan flagged where higher rates actually hurt: small and midsize companies leaning on short-term credit lines. They are still drawing on them, he said, and credit quality is holding.

CNBC reports the comments.

Have higher gas prices changed what you spend this month?

#BankOfAmerica #Consumer #OilPrices #Markets #causeanuproar