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Consumers are spending more in 2020 than they did in 2019, says Bank of America CEO

“Way back in May, you could see it flattening out and starting to grow,” Moynihan said of the spending data. “Now it’s really grown every month since then. The month of November was up about 4% over the last November, and the month of December so far is up double digits.”

Some of the surge in spending this month has been because transactions that normally happen during Thanksgiving week got pushed into December due to Covid-related restrictions, Moynihan said.