But then also it’s as we said, it’s where’s the inflation rate particularly, you know, those categories most sensitive for our customers, food, home energy and the like, and how that stacks up relative to the wage growth. Now, one of the things that we’ve been tracking more closely is that you, one indicator of real wage growth is if you look at non-supervisor and production workers, which includes, services workers as well. Five on the last six months, there’s been real wage growth. Now on a 12 month basis that’s still 1.1% negative on a real wage basis. But, seeing that trend for five out of the last six months and we’ll be watching it will be important. Now, some economists have come out and said wage growth is flowing but I think the indicator that I just mentioned, which I haven’t seen many people talking about or anybody talking about, that when you look at real wage growth overall, I think what’s slowing may be for higher income folks, the lower income folks, based on the metrics I just quoted, you seem to be you know, at least the last six months doing better than inflation, which is, hopefully a good sign.
So we’ll be watching all that and that will help us decide when we might lean back into growth. And of course there’s 11 million open jobs out there, and as I’ve said before now, a couple quarters, that’s a plus for our customer base when, they have multiple opportunities if they lose their job to replace their income.
David Scharf: Got it. Understood. Thank you very much.
Operator: Our next question comes from John Rowan of Jamie. Please go ahead.
Unidentified Analyst: Good afternoon. I just want to clarify two things. So the G&A guidance you gave was $62 million, correct, for 1Q?
Harp Rana: Yes, $62.5.
Unidentified Analyst: Okay. And then the adjusted figure that you gave a $0.54, that does not include, I wouldn’t say reversal, but that does not exclude the $1.2 million — $1.2 million tax gain that you reported in the quarter.
Unidentified Analyst: So that does — so the R&D credit, so the $1.2 million is included in all of those numbers?
Rob Beck: Yeah, the only thing that’s excluded is the loan sale from the
Unidentified Analyst: Okay. So because it looked like, it looked like in the press release that the table still had a tax credit in the non-GAAP table. So I assume that that $1.2 million gain is included in the $0.54 of adjusted earnings that you reported. Just want to make sure I have that.
Harp Rana: Yes, correct.
Unidentified Analyst: Yes. Okay. That’s actually it for me. Thank you.
Rob Beck: Hey, before I take the next question, one thing that I wanted to mention is I wanted to correct one thing in my prepared remarks. So I misspoke earlier when I said our December, 2022 first payment default rate was 130 basis points better than December 19. It’s actually 170 basis points better. So I just wanted to correct the record on that and sorry about the miscommunication. So we’ll take the next question.
Operator: Our next question comes from Bill of Titan Capital. Please go ahead.
Unidentified Analyst: Thank you. I was hoping that you would discuss the difference in the rate of loan origination growth between small loans and large loans, and whether that was something that you all had done intentionally, and if so, why or if it was related to the environment and how that was a driver, please.
