US credit and debit-card spending climbed in October from a year earlier by the most since early 2024, reflecting strong demand from higher-income households as well as price increases, according to the Bank of America Institute.
Spending per household rose 2.4% last month on an annual basis, according to the study, based on Bank of America Corp. aggregated card data. Compared with September, card spending rose 0.3%, the fifth straight monthly increase.