Bank of America CorporationBrian Moynihan, chief executive, said consumer spending surged as the US economy reopened, mostly driven by stimulus money.

"our customers have a lot of money in their accounts," Moynihan said on CBS's "Face the Nation" program on Sunday. "about 65% to 75% of the stimulus funds disbursed in the past few rounds have not yet been spent."

The second-largest US bank has spent more than $1tn so far this year, up 20 per cent from 2019, he said.

He pointed out that domestic travel expenses such as car rentals and hotels have increased, and consumers are shifting from buying food to stores to eating in restaurants.

Moynihan said lending was "starting to pick up" as companies had unused credit lines and plenty of room to borrow.

The main risks to economic growth are supply chains and labour shortages, he said. In the bank's spring survey, small businesses said they were most worried about how to recruit workers and how to get supply to meet demand. "things are slowly straightening out, but it will take some time."