Institute Insights — 06-14-2026

Summary

• Total card spending rose 5.1% year-over-year in May, marking the strongest growth in nearly four years.
• Underlying spending across goods and services showed solid gains independent of gasoline price fluctuations.
• The gap in spending and wage growth across income cohorts narrowed, though this may reflect a FIFA World Cup 2026 tailwind.
• Payroll growth increased in May, driven by gains in lower-income roles, while easing unemployment payments indicated a resilient labor market.
• Live events and pet ownership are identified as factors that reduce loneliness while bolstering broader economic activity.
• Rising remote work appears to heighten workplace loneliness, creating productivity costs.
• Wellness tech expands mental health support through wearables that track physiological signals and AI that analyzes data for personalized insights.
• Tele-mental health and digital therapeutics are helping to close structural gaps in care and address unmet needs.
• Liz Everett Krisberg serves as Head of Bank of America Institute, with David Michael Tinsley as Senior Economist.
• The materials are prepared by Bank of America Institute for general information purposes and do not constitute investment, legal, accounting, or tax advice.