Scott Bessent has some good news for consumers this morning: The K-shaped economy is officially over! The Treasury Secretary said he is "sick of hearing about this K-shaped economy," during a CNBC interview yesterday, adding: "I can say here definitively, the K-shaped economy is over." Bank of America has also observed that some elements of the K-shaped economy are beginning to close. Likewise, wage growth by income percentile data doesn't support the notion that the K-shaped economy has ended. Its June update found the lowest quartile of wage distribution saw growth of 3.6%, while the top 25% of earners saw growth of 3.9%.