00:26:42 · Paul Sweeney, Stephanie Roth
[00:26:42] S1: So, again, that's a pretty interesting backdrop because that sounds like things are generally in pretty good shape. How do we think about it from the consumer level? Because, again, we have the K-shaped economy, but we don't see it in consumer spending. Consumer spending continues to hold up pretty well. [00:26:59] S10: Haste for a lot of this year. The consumer has held up really well, even though the bottom end of the consumer has certainly been a lot more challenged than everybody else. But because the strength has been persistent across the spenders that spend more, it's been masking any softness. That's been happening at the bottom. That will probably just continue. We're likely to see, especially given the data that we got today, is just further confirmation that the labor market is good. you're likely to see spending continue to remain fairly robust. It's largely a function of nominal income growth, which is tied to the labor market. How much are people working? How much are they getting paid? All of those trends are moving in a positive direction. Energy prices, you know, the margin might come down a bit, which could then fuel a bit of a pickup in consumer spending for next year.