Bank of America’s consumer banking division reported a 6.3% jump in spending, powered by wage growth that’s hitting lower and middle-income households at rates not seen since early 2025.
The data, pulled from aggregated credit and debit card transactions plus deposit account activity, paints a picture of an economy where the rising tide is, for once, actually lifting most boats.
The numbers behind the spending surge
Total credit and debit card spending per household climbed 4.8% year-over-year in April 2026, according to the Bank of America Institute’s analysis. Strip out gasoline purchases, and the increase was a still-healthy 4.0%.
After-tax wage growth for lower-income households hit 3.1% year-over-year in May 2026. Middle-income households posted 3.5% growth over the same period. Both figures represent the strongest readings since January 2025.
