(ZEROHEDGE) – Earlier today we reported that at least when it comes to spending at restaurants, the stimulus effect was wearing off. But while that may have been true in January, in February things appear to be picking up.
According to the latest data based on aggregated BAC credit and debit card data, spending jumped by a brisk 9.7% Y/Y for the 7 days ending Feb 6th, which means that since the beginning of the year, total card spending is running at an average 5.6% Y/Y pace, up notably from the Dec average of 2.5% yoy as a new round of stimulus checks is being spent.
A look at spending by geography, there was a particularly large gain in card spending in California with total card spending of 9.5% yoy for the 7-days ending Feb 6th, up from -1.1% yoy the week prior.
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Source: World Net Daily