Wells Fargo CEO Charles Scharf Seeing US economy

Wells Fargo Entire Charles Scharf They said on Wednesday that although corporations and consumers of higher income succeed, Americans lower revenues are struggling to stay in the water.

The Bank’s data show that “companies in reality are form”, and the consumption between all income is stable, but there are signs of stress among lower offense, SCHARF said in an interview at CNBC CNBC box.

“There is this great dichotomy between consumers with higher income and lower income that continues and is a real problem,” Scharf said.

“Low end spends money they have, so their balance are below … Pre-pandemic level; they live on the edge,” he said.

Scharf reacted to questions about the US economy the day after JpMorgan Chase CEO JA friend of dimon said the department to work report showed that the economy A weakening. In the last few months, employment has slowed nearly stop, and the latest revision of the department on Tuesday lowered new jobs for 911,000 positions in a year until March.

“When you only look at the overall data in terms of business, it is indisputable,” Scharf said.

“Well yes, things are really very good today, safe in relation to what you think we might be,” he said. “But that is not equal to the parts of the wealth, and it is probably more missing than upside down.”

Managers and investors face mixed signals on the American economy in the first year of the President Donald Trump’s Another term. The share index is close to all times in a high level in the midst of persistent concerns due to price inflation and prefabricated care due to job creation.

In their jobs with middle market companies throughout the United States, Scharf said that many executive directors support Trudevic efforts to engage in trade imbalances in the country of its tariff policies. Nevertheless, tariffs are the probable driver of low job creation, he said.

“They are willing to deal with uncertainty, but they must react to that,” Scharf said. “So, part of it is just very careful about how to hire …. It seems to surely dampen the increase in jobs.”