May 1, 2020 / 7:54 PM / a month ago

Bank of America CEO says some consumer spending is beginning to pick up

May 1 (Reuters) - Bank of America Corp Chief Executive Brian Moynihan said on Friday that the bank is seeing some consumer spending beginning to pick up as some states ease restrictions related to the coronavirus pandemic.

Speaking on CNBC, Moynihan said spending on clothing and restaurants is starting to recover though travel and entertainment spending is still pressured.

On an earnings call earlier this month, Moynihan said the sharp dropoff in spending in March pulled down overall consumer spending, and that spending was trending negative for the month of April. (Reporting by Imani Moise; editing by Jonathan Oatis)

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