The Consumer Continues To Weaken

Earlier this week Bank of America (tkr: BAC), CEO Brian Moynihan said that the bank’s Consumer Payment Spend which had grown 4% year-to-date (through the end of Q3), grew by 3-4% for the month of November. Where exactly in that range Consumer Payment Spend for November fell is unclear from Moynihan’s comments. The low-end of the range implies a 25% reduction in the rate of growth when comparing November’s year-over-year growth rate to the 4% rate. See charts and Moynihan’s detailed comments below.