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In this article BAC Follow your favorite stocks CREATE FREE ACCOUNT Pedestrians pass in front of a Bank of America branch in New York. Mark Kauzlarich | Bloomberg | Getty Images Consumers are financially resilient, despite high inflation and concerns the U.S. is nearing a recession, according to Bank of America CEO Brian Moynihan. "Analysts might wonder whether the talk of inflation, recession and other factors could [result] in a slower spending growth," Moynihan said Monday during a conference call to discuss third-quarter results that topped analysts' expectations. "We just don't see here at Bank of America." The bank's customers continue to spend freely, using their credit cards and other payment methods for 10% more transaction volumes in September and the first half of October than a year earlier, Moynihan said. While price inflation accounts for some of that, the number of transactions also rose 6%, he said. Customers' account balances r...

Unemployment among China's youth aged between 16 and 24 has surged to nearly 20%, according to an official survey for July. Pictured here is a job fair in Beijing on Aug. 26, 2022. Jade Gao | Afp | Getty Images BEIJING — More people in China and Brazil are worried about their jobs than in the U.S. and U.K., according to a survey by consulting firm Oliver Wyman released this month. In China, 32% of respondents said they were concerned about the impact of inflation on their job security, as did 30% of respondents in Brazil, the report said. But in the U.S. and U.K., that figure was just 13%, the survey found. Unemployment among China's young people aged between 16 and 24 has surged to nearly 20%, while that of the working age population in cities is about 5.4%, according to an official survey for July. In Brazil, the unemployment rate as of July was 9.1%, official data showed. The unemployment rate in the U.S. was a far lower 3.5% in July, and 3.6% in the U.K., according to go...

VIDEO 5:55 05:55 Fed's Powell warns of 'some pain' ahead as central bank fights inflation Squawk on the Street Federal Reserve Chairman Jerome Powell delivered a stern commitment Friday to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause "some pain" to the U.S. economy. In his much-anticipated annual policy speech at Jackson Hole, Wyoming, Powell affirmed that the Fed will "use our tools forcefully" to attack inflation that is still running near its highest level in more than 40 years. Even with a series of four consecutive interest rate increases totaling 2.25 percentage points, Powell said this is "no place to stop or pause" even though benchmark rates are probably around an area considered neither stimulative nor restrictive on growth. "While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring som...