“You’re still seeing growth among median income households, at up to\u2026 75,000, 100,000. They’re still growing, but they’re growing at a slower rate than the higher-income households above that. So that shows you some of the pinch,” Moynihan said, citing Bank of America research.<\/p>\n
“Now, inflation’s still high and prices still are on people’s minds, but they continue to spend,” he continued. “What’s incongruous is when you really look [at] what the people do, they’re actually spending the money. But there is a differential. And so this is where you’ve got to be careful. From a human being standpoint\u2026 that’s an issue for American society from the average consumer spending.”<\/p>\n
SEE INSIDE JPMORGAN’S NEW $3B GLOBAL HEADQUARTERS IN NEW YORK CITY<\/a><\/p>\n Last Friday, the Bureau of Labor Statistics reported that the\u00a0consumer price index (CPI)<\/a> \u2013 a broad measure of how much everyday goods like gasoline, groceries and rent cost \u2013 rose 0.3% in September from the prior month and increased 3% year over year, up from 2.9% in August. It was the highest headline CPI reading since January, when it was also 3%.<\/p>\n Chairman and CEO of Bank of America Brian Moynihan visits FOX Business Network Studios in New York City. (Getty Images)<\/p>\n The CPI report was the first government economic release since the federal government shutdown began on Oct. 1.<\/a><\/p>\n High inflation has created serious financial pressure for most U.S. households in recent years, forcing families to pay more for necessities such as food and rent. Price hikes have hit lower-income Americans the hardest, since they spend a greater share of their income on essentials and have less flexibility to save.<\/p>\n “When you think about the American economy, obviously, the U.S. consumer is one of the most powerful engines on Earth. The size of what it does is as big as almost every other economy. So what we see in October so far, so last quarter, we saw about 5, 5.5% of spending, them putting money into the economy out of their accounts in every way they do it \u2013 credit card charges, debit card charges, checks written, cash out of the ATM. That’s actually growing at a little higher rate in October here. So the consumer continues to spend,” Moynihan said.<\/p>\n![\"Bank](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2025\/10\/bofa-ceo-moynihan-fox-business-studios.jpg\")
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