BofA Institute reports March credit and debit card spending per household up 0.1% Y/Y (slowest growth since February 2021) and down 1.5% M/M; weakness was broad-based across retail and services

Households still have financial buffers based of lower credit car utilisation rates vs 2019.
Bank's data shows higher income households saw wages contracting by 0.5% Y/Y in March 2023, the first negative growth reading since May 2020, which BofA suggests could be in part to hiring freezes in tech and financial services, placing downward pressure on wages.
Bank's card data through March 31st suggests lower-income households, particularly those with earnings below USD 20k/yr, might have turned to personal credit and debit cards for food purchases.