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US Economy Is Slowly Improving: BofA CEO
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There are signs of an improving US economy, but growth is likely to be below 3 percent this year, Bank of America President and CEO Brian Moynihan told CNBC Friday.
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Moynihan predicted economic growth of 2.5 percent to 2.7 percent for 2010.
"We feel everything's pretty solid," Moynihan said.
As for the consumer, the year-over-year increase in spending will start to go down, given that last year's second half was stronger, he said.
Bank of America [BAC
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] reported a lower profit in the second quarter than a year ago, but it still beat analysts' consensus expectations.
Consumer delinquencies are coming down, but "everyone is a little more nervous this month than they were a month ago, and that's due to macro factors," Moynihan added.
Among headwinds that the economy has to face are slow hiring, low investment and "demand to borrow has actually been slow," he said.
For the construction sector, small retailers and restaurants, it is still difficult to obtain credit, according to Moynihan.
"The ability of these businesses to be successful is under question right now," he said.
- Watch the full interview with Brian Moynihan above.
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