The reason for that is mostly the American consumer, with spending accounting for about 70% of gross domestic product.
On Thursday, Bank of America CEO Brian Moynihan said that his customers are slowing down the rate of their purchases.
Consumer payments, as measured through credit cards, checks and ATM withdrawals, have grown by 3.5% since last year, he said.
I’m being careful, slowing things down,’” Moynihan said, referring to both consumers and businesses, at a financial conference in New York.
This survey shows that consumers feel just the opposite — optimistic about their own financial standing but not about the macroeconomic environment.
Persons:
Brian Moynihan, ’ ” Moynihan, Bell, Peter Torrente, I’m, Elon Musk’s, Allison Morrow, “, — “, Glass Lewis, Tesla, Musk, Gary Millerchip, Richard Galanti, Read
Organizations:
CNN Business, Bell, New York CNN, Bank of America, KPMG, Federal Reserve, Elon, Services, Twitter, SpaceX, Costco
Locations:
New York, Europe, Texas, Delaware