What’s the health of the consumer?
BofA card spending per Household rose to 7.8% y/y in the week ending Sep 5
Total card spending per Household rose to 7.8% y/y in the week ending Sep 5.
BofA attributes the jump mainly to base effects from the shift in Labor Day timing, 9/7/26 vs 9/1/25, plus a rebound in gas prices.
Under the surface, total card ex gas was 6.9%, retail ex-autos was 4.2%, airlines were 12.9%, and gas was 22.8% on 9/5.
So the headline consumer read is noisy. Nominal spending looks firm, but the holiday-base effect matters a lot this week.
BofA card spending per Household rose to 7.8% y/y in the week ending Sep 5
Total card spending per Household rose to 7.8% y/y in the week ending Sep 5.
BofA attributes the jump mainly to base effects from the shift in Labor Day timing, 9/7/26 vs 9/1/25, plus a rebound in gas prices.
Under the surface, total card ex gas was 6.9%, retail ex-autos was 4.2%, airlines were 12.9%, and gas was 22.8% on 9/5.
So the headline consumer read is noisy. Nominal spending looks firm, but the holiday-base effect matters a lot this week.
