The K-Shaped economy is worsening: Sentiment among consumers earning less than $50,000 is down to ~82 points, the 2nd-lowest since May 2023 and in-line with the 2020 pandemic low. At the same time, sentiment among those earning $50,000-$100,000 is down to ~90 points, near the lowest since December 2023. The sentiment index for both groups has been in a downtrend over the last 14 months. Meanwhile, sentiment among consumers earning over $100,000 has risen since February, to ~110 points, and stands above the 2023-2024 average. This comes as lower-income households are increasingly concerned about surging gasoline prices that are up +60% year-to-date, to $4.56/gallon, the highest since 2022. Financial strain on lower-income consumers is accelerating.