Bank of America Saw 5% Rise in Consumer Spending

Bank of America CEO Brian Moynihan noted stronger household spending alongside internal shifts in employee pay and retention.

Updated on Oct. 3, 2026 in Employment

Isometric editorial illustration showing a cruise ship silhouette and restaurant dining terrace, representing broad consumer spending trends in the US. — Bank of America reported a 5% increase in consumer spending for September, citing notable growth within the cruise and restaurant sectors. AI Illustration. Upload story photo >

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Is your household spending power getting better or worse compared to last year?

Bank of America reported a 5% increase in customer spending for September compared to a year earlier, with notable gains in cruise and restaurant sectors. CEO Brian Moynihan shared these figures while discussing the state of the U.S. economy at Hobart and William Smith Colleges.

Why it matters

This spending data provides a window into current household activity, with growth of about 2% currently viewed as a sign of a stable, mature economy. These trends help households understand broader consumption patterns and the financial climate.

Bank of America data shows consumer spending rose 5% in September compared to last year. This activity reflects a period where growth of 2% is considered characteristic of a mature U.S. economy.

The players

Brian Moynihan

The CEO of Bank of America, a major financial institution providing consumer banking, lending, and investment services.

Bank of America

A global financial services company that offers retail banking, credit products, and wealth management to households.

Hobart and William Smith Colleges

A private liberal arts college that hosts academic and economic policy forums.

The details

The bank reported that internal structural changes, including reducing management layers from 13 to seven, were paired with a minimum hourly wage increase to $25 in 2025. These adjustments were implemented to support employee retention, contributing to a decline in turnover from 30% to 12% in certain roles. The firm noted that pay levels are frequently compared against cost-of-living benchmarks to maintain these staff stability goals.

September 2001: Brian Moynihan coordinated business response during attacks.
2022: The Anderton Economic Policy Symposium was established.
2025: Bank of America raised its minimum hourly wage to $25.
September 2026: Consumer spending increased 5% compared to the prior year.
September 29, 2026: Brian Moynihan spoke at Hobart and William Smith Colleges.

Money Landscape

Current growth of about 2% is viewed by analysts as indicative of a stable, mature U.S. economy. This landscape follows a period of significant structural adjustments within the banking sector.

Households should monitor their discretionary spending in categories like travel and dining as these areas show shifting consumer demand. Reviewing your own monthly budget against current inflation and cost-of-living benchmarks can help you stay aligned with these broader national trends.

The takeaway

The latest spending figures suggest a consistent economic environment, though shifts in corporate hiring practices indicate an ongoing focus on internal efficiency. Consider reviewing your employer's compensation and retention benefits package to understand how your own income might be impacted by similar industry-wide labor strategies.