Consumer Checkpoint

Consumer Checkpoint aims to provide a holistic and real-time look at U.S. consumers' spending and financial well being. A regular publication of Bank of America Institute, it leverages the depth and breadth of the bank's proprietary data to produce original perspectives.

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november 2023

Consumer Checkpoint: Another month of moderation

Low- and high-income household spending growth converges, high-income wage growth ticks up, and deposits remain elevated.

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Consumer Checkpoint archive

Review our analyses from prior months.

october 2023

Consumer Checkpoint: Not falling in the Fall

Consumer spending in September remains supported by a resilient labor market, but slowing wage growth and rising childcare payments pose risks. Learn more here.

2 min read
September 2023

Consumer Checkpoint: Not such a cruel summer

While card balances and student loan payments begin to heat up, consumer spending remains stable and deposit balances elevated.

2 min read
august 2023

Consumer Checkpoint: In the pink

Consumer spending had a summer bounce in July, with lower- and middle-income households looking particularly resilient.

2 min read
july 2023

Consumer Checkpoint: Renters feel the squeeze

Overall consumer spending remains stable, but higher housing costs are impacting spending by renters more than homeowners.

2 min read
june 2023

Consumer Checkpoint: The young and the restless

While consumer spending has stabilized, rising housing costs and pending student loan payments are pressuring younger consumers.

2 min read
may 2023

Consumer Checkpoint: Higher-income pullback

While the overall labor market remains buoyant, higher-income households are seeing some pockets of weakness.

2 min read
april 2023

Consumer Checkpoint: No madness in March spending

While spending was no slam dunk due to weaker wage growth and lower tax refunds, consumers continue to have financial buffers.

2 min read
march 2023

Consumer Checkpoint: Shifting gears, but still going forward

Consumer spending growth decelerated in February, but continues to be supported by positive fundamentals.

2 min read
february 2023

Consumer Checkpoint: Springing into January

Consumer spending strengthened in January supported by stronger labor income, but the less affluent still face more challenges.

2 min read
january 2023

Consumer Checkpoint: New year, new challenges

After a solid year, the consumer may feel the weight of 2023, but for now they are heading to the gym in OK financial shape.

2 min read

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Frontal view of Glen Canyon Dam in Arizona
november 2023

Global water scarcity: H2O no!

Can just 1% of annual global GDP solve the freshwater crisis? We discuss the challenges and potential solutions.

2 min read
Electricity pylons and wind turbines at sunset
november 2023

Utility bills: cooler spell in 2023 but heating up longer term

Utility payments have risen nearly 20% since 2018, weighing especially on lower-income consumers and those living in the South.

2 min read
Businesswomen walking in hallway, smiling, and talking.
november 2023

Signs of a broadening labor market slowdown?

The labor market slowdown, while gradual, has broadened. Job moves are also slowing and pay raises for movers are sharply lower.

2 min read