U.S. consumption, business optimism still strong: Bank of America

2019 World Economic Forum (WEF) annual meeting in Davos
Bank of America CEO Brian Moynihan attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 22, 2019. REUTERS/Arnd Wiegmann

January 24, 2019

DAVOS, Switzerland (Reuters) – Consumer spending and business optimism remains strong in the United States despite disruption in the global economy because of trade wars and the U.S. government shutdown, Bank of America <BAC.N> Chief Executive Brian Moynihan said on Thursday.

“Based on experts and consumer activity (this month), it looks like a solid year for the U.S., though less growth than last year,” Moynihan told a panel discussion at the World Economic Forum in Davos, Switzerland.

However David Rubenstein, co-executive chairman of Carlyle Group <CG.O>, told the same panel that if the shutdown continued much longer, it could “really impair the economy of the United States.”.

Rubenstein also said Britain’s decision to exit the European Union was still a cause for concern, with uncertainty over the ripple effects on the global economy.

(Reporting by Alessandra Galloni; Editing by Mark Bendeich)

Source link