Bank of America CEO Brian Moynihan sees clues to the U.S. consumer in the pet food aisle (opens original article in a new tab)

Bank of America CEO Brian Moynihan observes U.S. consumers cutting costs on premium pet food while maintaining spending on vacations and dining out, highlighting ongoing economic challenges and the bank's hiring initiatives.

• Bank of America CEO Brian Moynihan notes consumers are shifting to lower-priced pet food due to inflation and higher gas prices
• Monthly credit and debit card spending increased 5% in May despite economic concerns
• Bank of America plans to hire 10,000 veterans and 8,000 community college recruits over five years
• The bank raised its minimum wage to $25 an hour to support employee affordability
• Moynihan emphasizes the importance of hiring and training workers for AI-driven future