Bank of America CEO Brian Moynihan believes that the United States “Starting to win the war” on COVID-19, with the economy hitting “approximate” levels before the pandemic
The economy shrank dramatically during the pandemic. Shrinking about 3.5%: More than 400,000 small businesses shut down, and some Americans rely on stimulus checks to buy something.
Moynihan said during an appearance on CBS̵7; “Face the Nation” that vaccination efforts and new business openings have spurred a strong response from the economy.
Spa, makeup and cosmetic sales skyrocket in the aftermath of the beauty boom.
“Spends have increased dramatically,” Moynihan said. which might be late this fall, strong, theme park reservations and stuff like that.”
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“All these are very good signs,” he added. “It has shifted from buying food in stores to more people eating at the restaurant. Or even have a quick service restaurant. So you see that natural behavior.”
Bank of America forecasts significant growth this year – about 7% – with similar growth, although a slight slowdown in 2022 – close to 5.5%.
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Already, the country has seen about 4% growth, which Moynihan said has made the economy “about” as big as before the epidemic.
“Our consumers have a lot of money in their checking accounts,” Moynihan explains. “Companies have spending channels that our consumers don’t use. That counts to trillions now for this year, a 20 percent increase from 2019 and very clear in 2020.”
That growth has led business owners to shift their priorities: Bank of America conducts a seasonal survey. By the autumn and spring surveys show different attitudes and concerns.
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in the fall Business owners are concerned about the epidemic and how it will affect their business. in the spring Business owners are more concerned with supply chain and staffing issues.
Moynihan claimed that “We actually saw the origins beyond what they were in 2019 in May.” “April will be a little higher. Usually bans in March.”
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“They have stuff to sell and produce to sell to customers,” he continues, “and that’s what makes it clear. But we will take some time.”