The U.S. economy is beginning to recover from shutdowns tied to the coronavirus pandemic, Bank of America CEO Brian Moynihan told CNBC on Thursday.
Moynihan cited consumer spending figures from the millions of households using his lender’s credit and debit cards: While transactions collapsed by about 30% in April, it was down by only 5% to 10% in May.
“You’re starting to see the economy come out of the hole,” Moynihan told CNBC’s “Squawk Box” co-host Becky Quick. ”You’re seeing us come out of the depths of where we were in April, and that’s good news.”
