Credit- and debit-card spending accelerated through the first two weeks of January as stimulus passed by President Donald Trump bolstered households’ balance sheets.
Card spending climbed 6% from the year-ago period over the week that ended January 16, Bank of America said in a Thursday note, citing aggregated card data. The climb follows a 9.7% year-over-year jump the week prior.
The spending data is among the first to detail the impact of the $900 billion stimulus measure passed in late December. The package included $600 direct payments, expanded unemployment insurance, and education funding. Eligible Americans began receiving payments within days of the passage, a marked improvement from the CARES Act’s much slower rollout.
