Read our full analysis for a more in-depth look at these trends.
Consumer Checkpoint: Summer temperature check
Consumer spending rebounded in June, but services spending fell for the third consecutive month.
July 2025
Key takeaways
- Credit and debit card spending per household increased 0.2% year-over-year (YoY) in June, compared to 0.8% YoY in May, according to Bank of America aggregated card data. Seasonally adjusted (SA) spending per household rose 0.3% month-over-month (MoM) in June, but that only partially unwound the MoM declines of 0.2% and 0.7% in April and May.
- While there was a 0.7% MoM rise in retail spending in June, services spending dropped by 0.1% MoM ─ the third straight monthly decline. It appears consumers are pulling back on some areas of discretionary services spending, though this cooling does not currently appear broad-based.
- Lower-income households' spending growth is particularly soft, with their total card spending growth negative YoY in the three months to June; these households also have the weakest after-tax wage growth in Bank of America deposit data. But the spending and wage growth of higher-income households appears to have risen.
Consumer Checkpoint is a regular publication from Bank of America Institute. It aims to provide a holistic and real-time estimate of U.S. consumers’ spending and their financial well-being, leveraging the depth and breadth of Bank of America proprietary data. Any such Bank of America proprietary data is not intended to be reflective or indicative of, and should not be relied upon as, the results of operations, financial conditions or performance of Bank of America.
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