Overall spending remains resilient, lux. spend rebounding

David Tinsley, Senior Economist at the Bank of America Institute (not part of BofA Global Research) joins to discuss the latest Institute employment and spend data. The Institute data suggests payroll growth held steady in Sep and Oct, though it has clearly slowed since early 2025. David offers detail and discusses the stories beneath the headlines including wage growth gaps between lower and higher income earners. And while certain discretionary categories are weak, especially with lower income consumers, Ashley Wallace discusses the different story around US luxury spend which rebounded to high single digit growth in October, led by fashion and jewelry. We discuss the role that the stock market trajectory could play in the sustainability of spend and non-macro factors that could impact luxury

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