{"id":1221,"date":"2026-06-14T23:07:34","date_gmt":"2026-06-14T23:07:34","guid":{"rendered":"https:\/\/trustedmovinggroups.com\/?p=1221"},"modified":"2026-06-14T23:07:34","modified_gmt":"2026-06-14T23:07:34","slug":"how-is-the-u-s-consumer-holding-up-bank-of-america-ceo-brian-moynihan-sees-clues-in-the-pet-food-aisle","status":"publish","type":"post","link":"https:\/\/trustedmovinggroups.com\/?p=1221","title":{"rendered":"How is the U.S. consumer holding up? Bank of America CEO Brian Moynihan sees clues in the pet food aisle"},"content":{"rendered":"

Bank of America CEO Brian Moynihan is one of the few people who really knows in real time how Americans are contending with rising inflation and higher gas prices. And he sees clues to how they are responding in the pet food aisle.<\/p>

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\u201cYou know, higher end pet food is not being charged as much on our credit and debit cards as the next brand down,\u201d Moynihan said during a recent interview with NBC News, citing aggregated internal bank data. This, he added, is despite a wave of advertising by the premium pet food brands.<\/p>

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\u201cWhat you\u2019re seeing is people are shifting, so people shift around and make room for the higher gas prices,\u201d he said. \u201cThat\u2019s the reality of the day-to-day consumer.\u201d<\/p>

With almost 70 million customers, Bank of America\u2019s data offers a detailed picture of how people are managing their money. <\/p>

Inflation outpaced wage growth in May for the second month in a row, and consumers were paying around 40% more at the pump than they were before the U.S. launched a war against Iran.<\/p>

But the trend of consumers trading down is only one part of a bigger picture, Moynihan told NBC News at the bank\u2019s New York Financial Center, the latest installment in NBC\u2019s recently launched Business in America series. <\/p>

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Monthly spending on the bank\u2019s credit and debit cards was up 5% overall in May over last year, Moynihan said. <\/p>

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The data also showed that spending extended well beyond the bare necessities. Consumers \u201care still spending on vacations and things like that, which is good for America. They still go out to eat, which is also good. Those are job-creating activities.\u201d <\/p>

Despite what the data shows, Moynihan acknowledged that the U.S. economy is facing a vibes problem. In surveys and interviews, Americans overwhelmingly say they are pessimistic about both their own finances and the economy overall. Yet they keep spending.<\/p>

\u201cWe watch what they do, not what they say,\u201d said Moynihan, and \u201cthey\u2019re spending money and doing things.\u201d <\/p>

\u201cWhat they\u2019re saying is they\u2019re very upset and they\u2019re worried about high prices, affordability. We have to watch that, because if it goes from \u2018what they say versus what they do\u2019 to what they\u2019re doing, that\u2019s a real problem for the U.S. economy.\u201d <\/p>

Today\u2019s bills vs. tomorrow\u2019s plans<\/strong><\/h2>

Consumer spending is responsible for the lion\u2019s share of U.S. gross domestic product. But financial security on a personal level is about far more than having enough money to get to the end of the month. <\/p>

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For many Americans, it\u2019s also impacted by how much they can afford to invest in their children and grandchildren.<\/p>

Moynihan understands this first-hand. Growing up, \u201cWe had eight kids, and my parents were unbelievable. My dad was middle class, but they sent eight kids to college.\u201d <\/p>

Student loans were a big part of that, but Moynihan also remembers how his dad would step in to bridge the gap between what they could pay and what school was going to cost. <\/p>

\u201cIt was a simple thing: You took all the money you earned, and you put it on a table. And you borrowed all you could, and then basically pushed that on the table. And he would pay the difference, and he had to borrow to do it.\u201d <\/p>

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For millions of American families, the challenge of balancing today\u2019s bills with investments in tomorrow is just as tough now as it was for his parents, said Moynihan.<\/p>

\u201cThat\u2019s the question, invest in the future but also make sure that you\u2019re always trying to figure out how you can make a balance in the household.\u201d<\/p>

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This isn\u2019t just an individual question, though. \u201cTo the societal question, we\u2019ve got to make sure all Americans earn a great standard of living, better than anybody in the world.\u201d<\/p>

To this end, Moynihan says the bank is trying to do its part, in a job market and an economy that\u2019s changing faster than many of the workers in it. <\/p>

A new corporate social responsibility<\/strong><\/h2>

Moynihan also has a message for his fellow business leaders across the country: Keep hiring. <\/p>

\u201cOur job, a corporation\u2019s job, is to hire people, pay them well, train them well, get them ready for this brave new thing called AI,\u201d he said. <\/p>

As artificial intelligence reshapes every industry, Moynihan said corporate leaders had a\u202fnew social responsibility to keep hiring entry-level workers and be ready to train them to use AI in new ways, instead of planning for a future where AI replaces them. <\/p>

\u201cApply AI, because you need to do that for the shareholder, and make sure you\u2019re making money. But do it in a way that you\u2019re making sure that you\u2019re reskilling your people, retraining your people.\u201d <\/p>

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The rapid adoption of AI tools in the workplace has sparked concerns that many types of jobs \u2014 and especially entry-level positions \u2014 will be replaced by this revolutionary technology. <\/p>

Yet the bank recently hired 2,000 recent college graduates and another 2,000 summer interns, and it pledged to hire 10,000 veterans and 8,000 community college recruits over the next five years. <\/p>

\u201cCorporate leaders have to take that burden on,\u201d said Moynihan, who recalled how he used to roll quarters together to pay his rent when he was first starting his career.<\/p>

With a headcount of roughly 210,000, Moynihan says the bank needs to hire 1,300-1,500 people a month to keep up with job movers and retirements. He says the bank plans headcount very carefully and uses that attrition to re-deploy and retrain workers. <\/p>

\u201cAffordability is very tough on people, but we have to do our part to make sure our teammates can live well.\u201d <\/p>

Last year, Bank of America raised its minimum wage to $25 an hour, increasing the annual starting salary to more than $50,000. <\/p>

Read more Nara Organics recalls infant formula after 3 babies are diagnosed with botulism<\/a><\/p><\/div>","protected":false},"excerpt":{"rendered":"

Bank of America CEO Brian Moynihan is one of few people who really know in real time how Americans are contending with rising inflation and high gas prices.<\/p>\n","protected":false},"author":1,"featured_media":1218,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":["post-1221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ceo-interviews"],"yoast_head":"\nHow is the U.S. consumer holding up? 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