Bank of America CEO Brian Moynihan says confident consumers are spending 5.5% more this year

Bank of America CEO Brian Moynihan said Wednesday the lender’s customers spent about 5.5% more this year over 2018, a bullish sign for the U.S. economy.

“People are spending, and that’s good news for the U.S. economy,” Moynihan told CNBC’s Wilfred Frost on “Squawk Alley.” “That helps sustain this long, long growth session we’ve had.”

Moynihan said the data comes from more than $3 trillion in Bank of America card transactions, checks and ATM withdrawals.

Earlier Wednesday, Moynihan told analysts at a conference that fourth-quarter trading revenue is expected to climb 7% to 8% from a year earlier, and that investment banking revenue was headed 3% to 4% higher.

Bank of America shares have surged 37% this year amid a broad rebound in bank stocks.