Original title: Strong US Spending May Play Into Jobs Report: Wyatt
00:00 I know you’ve been doing the work in terms of the the consumer in in the US and what looks like a bifurcated US consumer right now. Just talk us through what is happening with the US consumer, what the potential implications of that are. Yeah, so we really have a two speed consumer right now. We see the lower end of the labor market struggling a bit despite getting somewhat raises. The raises are not what they were. Inflation really hit this consumer pretty hard. They were the ones who pay rent every month. They’re not the ones who are owning their homes and really having not owner equivalent rent. It’s not really inflation when you own your home, it’s just a theoretical idea of inflation. So that lower end, yeah, we’re seeing some more defaults there. We’re seeing a little weaker consumer spending. But overall, most consumers are very low leverage right now, very low leverage ratios, very healthy balance sheets. Consumers are still getting raises. And actually, when we look at t