BOA: Consumers are not wilting in the summer heat

The data: Bank of America total payments, which provide a holistic view of money flow, increased 7% year-over-year (YoY) in July, roughly in line with June. Overall total credit and debit card spend, which makes up over 20% of total payments, was up 8% YoY while card spending per household was up 5.3% YoY in July.

Why it matters: Although price increases are partially to blame for increased spending, consumers (which represent 70% of GDP) are financially well positioned to handle the inflationary environment.