joining me now to discuss, anisha sherman i guess the question is, is this just an early sign of broader a quote unquote quite collar downturn? >> unemployment is still really low. it's actually declined over the past year. when we look at wages of low-wage earnings across the states, nearly half of states have seen real increases that is increases net of inflation. even despite this inflation environment and minimum wage versus precovid. so that level of consumer, that below median consumer, is more resilient right now. we're not seeing that, because they are still pressured by inflation. but as rates flatten and start to come off, perhaps going into next year, you should see that more resilient >> everything we're seeing is the opposite across slightly higher income, talking about the white collar, corporate employees where unemployment is increasing the derivatives going the wrong way, and the consumer credit trends look like they're going the wrong way, as well >> robert, what would you say about all that >> i love this research note, because it differentiated the white collar consum