Nearly all spending categories have recovered with the exception of travel, according to the Bank of America CEO.
The second-biggest U.S. bank by assets has helped push compensation higher in recent years.
CEO Brian Moynihan has in recent years taken steps to invest in his employee base after a turbulent beginning to his tenure.
Moynihan's commentary is the latest indication that many Americans are showing a surprising financial resilience.
Bank of America's trading division helped offset the second-quarter earnings drag caused by the coronavirus pandemic.
The wall of money flowing into banks has no precedent in history: in April alone, deposits grew by $865 billion, more than the previous record for an entire year.
Despite a record surge in unemployment, Bank of America customers have been helped by the government's stimulus checks, Moynihan said.
Wall Street was shrugging off a plunge in U.S. oil prices, which had been riding a four-session winning streak after last Monday's crash.
U.S. stock futures rise Monday as investors assessed the possibility of reopening the economy after the coronavirus outbreak.
Delays are heightening anxiety and confusion about a cornerstone of the Trump administration's $2 trillion response to the coronavirus crisis.
Bank of America said it's seen fierce demand for rescue loans with applications accounting for about 10% of the amount provided by Congress.
The U.S. has asked banks to help it dole out at least $350 billion in loans to small businesses, part of the $2 trillion coronavirus stimulus law.
"We don't intend to do any layoffs as a result of COVID-19," PayPal CEO Dan Schulman told CNBC on Tuesday.
Bank of America CEO Brian Moynihan said Sunday the coronavirus has united the world in its battle against it.
"People are spending, and that's good news for the U.S. economy," Moynihan tells CNBC.
Bank of America beats estimates for profit and revenue as its consumer and advisory businesses offset a slump in trading.
"I'd love to say that the optimistic universe is most likely to prevail, but the talking heads talk endlessly about how a recession is inevitable," CNBC's Jim Cramer says.
Bank of America CEO Brian Moynihan is not worried about an economic slowdown, saying the U.S. consumer is still in a strong place.
But the bank warned that growth in net interest income may slow to a halt in the back half of the year.
The lender's move is the latest sign that wage inflation is finally making its way to some of America's lowest-paid workers.