US consumer spending drops sharply across income groups, reasons unclear, says Bank of America

Bank of America reported a sudden slowdown in consumer spending in the US during the week ending May 2, 2026. The decline was observed across most spending categories except gasoline and affected all income groups, including the rich, middle class, and poor. The cause of this spending drop remains uncertain, raising questions about the underlying economic factors. This unexpected trend could have implications for economic growth and consumer confidence going forward.