Respectfully, I’m not sure I agree with this being as big of a contrast as El-Erian highlights. I think the labor market weakness we’re seeing ties directly into the outperformance of lower end brands like Dollar General. As consumers get squeezed more of their shopping is moving to price sensitive retail. Dollar General’s earning growth has been driven by consumables (food and consumable household products) In 2022, that was 79.7% of their revenue. In 2025, it’s 82.86% of their revenue. As more Americans turn to dollar stores to feed their families. So while earnings are up, I think this is largely the same economic story of a K-shaped recovery that continues to squeeze the American working class.(Adam Cochran (adamscochran.eth))