US Card Spending Slows to Weakest Pace in Two Years in BofA Data

Spending on credit and debit cards rose at the smallest pace in more than two years, dragged down by slower wages, fewer tax refunds and the end of pandemic-era benefits, according to a report by Bank of America Institute.

After a strong start of the year, spending per household rose 0.1% from a year ago, the slowest pace since February 2021, Bank of America Institute said Wednesday. The weakness was broad-based across goods and services.

Based on BofA internal data, households that make more than $125,000 a year saw a drop in annual after-tax wages for the first ...