BofA Says Consumer Spending Remains Resilient Despite Inflation

Bank of America Corp. said customer spending continues to show signs of resilience despite surging inflation, with pent-up demand for travel and leisure countering rising gas prices and other increased costs.

Spending on credit and debit cards was up 11% from a year earlier in June, compared with a 13% increase in April and 9% gain in May, the bank said Thursday. The higher spending comes amid rising prices and fears that the US is poised to slide into recession.