Overview
- Bank of America and PNC transaction series show after-tax wages and spending by lower-income households have accelerated since spring 2026 and narrowed the gap with higher earners.
- PNC reported the spending-growth gap between its richest and poorest account holders fell to about 0.1 percentage point in July from roughly 5 points a year earlier.
- Treasury Secretary Scott Bessent told CNBC last week that the 'K-shaped' economy is over and that a more broadly shared recovery is emerging, a claim the White House has emphasized.
- Critics including Robert Reich point to earlier corporate signals, such as McDonald’s reports of weaker visits by lower- and middle-income customers, and note the long-standing wealth gap in stocks and housing remains large.
- Analysts caution the data have limits because bank customers may not represent the whole population and items like fuel can skew comparisons, so economists will watch continued wage gains, employment and retail trends to judge whether the convergence holds.