What units does wget use for bandwidth?

When downloading, wget reports speed in "K/s". K...what? kilobits? kilobytes? 1024 or 1000?

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Update:

wget -O /dev/null http://newark1.linode.com/100MB-newark.bin

produces "348 K/s". Meanwhile:

• nethogs says "343 KB/sec" for the entire Wi-Fi connection


• System Monitor says 364 "KiB/s" for the entire Wi-Fi connection


• Tomato says "3010.44 kbit/s (367.48 KB/s)" for the Wi-Fi connection (which is consistent with decimal kilobits and binary kilobytes).

So we know it's kilobytes, and probably perverse kilobytes, since the number would be bigger for decimal kilobytes.

Answer

I would guess K stands for kilobytes.

In the GNU Wget 1.12 Manual, K always stands for kilobytes.