00:05Consumers in Bank of America put 5% more in the economy.
00:07And what you've been seeing in June and July is that if you do a third of a third high
00:12income, medium income, low income,
00:13the lower income people's wages are growing a little faster.
00:16So that's great.
00:17And they're spending a little bit more.
00:18And so you're starting to see more convergence in the spending patterns.
00:20That's very good.
00:21If you look at what they're spending on, it's interesting.
00:24Cruises are up strong.
00:25Travel, in numbers of travels is flat.
00:29The cost is up a little bit.
00:30Gas is up.
00:32Food is down a little bit.
00:33So if you look around, they just move money around.
00:35They're pretty resilient.
00:36But 5% is consistent with a 2.5% growing economy.
00:40That's the goodness because if the consumer stays in the game, the U.S. economy kind of rolls along.
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