Even High-income Americans Are Shopping At Discount Retailers As Economic Outlook Sours | CNN...

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But recent data shows that Americans are spending less money than they used to. That's a scary prospect for economists.

On Thursday, Bank of America CEO Brian Moynihan said that his customers are slowing down the rate of their purchases. Consumer payments, as measured through credit cards, checks and ATM withdrawals, have grown by 3.5% since last year, he said. That's down from 10% growth the year before.

"Both of our customer bases that have a lot to do with how the American economy runs are saying, 'You know what? I'm being careful, slowing things down,'" Moynihan said, referring to both consumers and businesses, at a financial conference in New York.

Before the Bell spoke with Peter Torrente, a banking and capital markets leader in KPMG's audit practice, about what that means for the second half of the year and beyond.

Before the Bell: Your 2024 CEO survey showed that business leaders are optimistic about the economy but not so much about their own company's prospects. This survey shows that consumers feel just the opposite — optimistic about their own financial standing but not about the macroeconomic environment. How do you explain that discrepancy?