Widening K-shaped economy pattern across income groups

The U.S. is showing signs of a "K-shaped" economy with spending among lower-income consumers showing little growth in comparison to their higher-income counterparts, a new analysis from the Bank of America Institute shows.

Internal data detailed in the report showed that in November the three-month average of total card spending reflected a K-shaped pattern as the holiday season began in earnest.

"In terms of overall credit and debit card spending, we've really seen a divergence open up since around the sort of spring...