Bank of America's consumer data for June shows robust credit and debit card spending across its customer base, with wage growth for lower-income customers nearly matching that of higher-income earners. The Bank of America Institute points to resilient U.S. consumer activity ahead of the upcoming second-quarter bank earnings season. The stock last closed at $59.67, with a return of 30.5% over the past year and 121.0% over the past three years. Higher card spending across income groups and narrowing wage gaps point to a broad base of customers who are still transacting, which can matter for card fees, deposit activity, and cross-selling products such as auto loans or mortgages. Investors will watch how Bank of America's reported consumer banking metrics line up with this June data, particularly card purchase volumes, deposit trends, and credit card delinquencies.
Bank of America CorpStrong June card spending and wage growth across income groups signal resilient consumer activity, boosting fee income and cross-selling opportunities.