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Treasury Says US Economy Shifts to C-Shape, Inequality Persists

8/6/2026

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Summary

Story summary

U.S. Treasury Secretary Scott Bessent said the economy is now C-shaped, ending the K-shaped phase.
Bessent noted wages for the lowest quartile of full-time workers rose 5.5% YoY while higher-paid workers grew slower.
Groundwork Collaborative VP Elizabeth Pancotti said a C shape would suggest narrowing inequality, though she sees no evidence the gap is closing.

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Story summary

U.S. Treasury Secretary Scott Bessent said the economy is now C-shaped, ending the K-shaped phase.
Bessent noted wages for the lowest quartile of full-time workers rose 5.5% YoY while higher-paid workers grew slower.
Groundwork Collaborative VP Elizabeth Pancotti said a C shape would suggest narrowing inequality, though she sees no evidence the gap is closing.