00:00In the month of July, we just got the final sort of payments report.
00:06Consumers at Bank of America put 5% more in the economy.
00:09And what you've been seeing in June and July is that if you do a third of third, third high
00:14income, medium income, low income,
00:15the lower income people's wages are growing a little faster.
00:17So that's great.
00:18And they're spending a little bit more.
00:19And so you're starting to see more convergence in the spending patterns.
00:22That's very good.
00:23If you look at what they're spending on, it's interesting.
00:26Cruises are up strong.
00:27Travel, instant numbers of travels is flat.
00:31The cost is up a little bit.
00:32Gas is up.
00:33Food is down a little bit.
00:34So if you look around, they just move money around.
00:36They're pretty resilient.
00:37But 5% is consistent with a 2.5% growing economy.
00:42That's the good news because if the consumer stays in the game, the U.S. economy kind of rolls along.
00:46They have great debt capacity.
00:48They're not as borrowed up as people think because they see like credit cards pass where they were in 19.
00:52But it's been six years now, so seven years.
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