Bank of America CEO Brian Moynihan sees clues to the U.S. consumer in the pet food aisle

Article excerpt

Bank of America CEO Brian Moynihan uses an unusual economic barometer: what Americans buy in the pet food aisle. As one of the nation's largest credit card issuers, Moynihan has real-time visibility into consumer spending patterns across the economy. His focus on pet food purchases, a discretionary category that typically shrinks when households tighten budgets, offers a window into how inflation and high gas prices are affecting American wallets. The observation reveals how major corporate executives now monitor granular spending data to gauge economic health beyond traditional metrics like unemployment or GDP.