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BofA Consumer Checkpoint (Jun): credit/debit card spening +6.3% Y/Y, the strongest growth in over four years. Increase almost entirely a discretionary story as gasoline prices fall.
StockNow breaking-news AI analysis
June consumer spending hit a 4-year high (+6.3% Y/Y), driven by discretionary demand and World Cup catalysts. Sustainability depends on labor market momentum and the persistence of wage-spending convergence.
News detail
Some strength was likely driven by the World Cup and online promotions. Convergence in wages and spending across incomes in recent months, whether this continues into H2 depends on whether underlying labour market momentum can be sustained.
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