Americans are still sitting on loads of stimulus cash
June 7, 2021. Summarized by summa-bot.
Compression ratio: 18.7%. 1 min read.
As CEO of one of America's biggest banks, Bank of America's Brian Moynihan has unique insight into the health of the country's economy. And right now, what he's seeing is positive.
What's happening: In an interview on CBS' "Face the Nation" on Sunday, Moynihan said that consumer spending has jumped above $1 trillion this year, a 20% increase over 2019 levels.
With some of that stimulus money still parked at the bank, Americans have significant financial power to fuel the economy's ongoing resurgence.
The latest: Export growth in China was worse than expected in May, according to data released Monday, with analysts pointing to computer chip shortages and other supply chain issues as one factor.
US oil prices hit $70 a barrel on Sunday for the first time in nearly three years.
The Russell 2000 index of small US stocks has soared this year.
The high-profile index — which has exposed a wide swath of investors to so-called meme stocks popular with online investors — has jumped 16% year-to-date, beating the S&P 500.
The market value of companies in the Russell 2000 has surged 84% in the past year to $3. 5 trillion, index manager FTSE Russell said Friday.