Lower-income workers are surging ahead in wage growth for the first time in 20 months, according to new Bank of America data — a surprising shift that could signal a changing labor market just before Friday’s official jobs report. The bank’s analysis, based on real-time deposit patterns, shows job growth accelerating to 2% annually in July, led by lower-income households whose after-tax wages jumped 5.2% — outpacing higher-income earners at 4.2%. Middle-income growth edged up to 4.3%, while ADP’s separate payroll report confirms private sector hiring rose 44K with pay up 4.4% year-over-year. Unemployment payments remain low, hinting at strong, resilient employment — and possibly a reversal of income inequality trends.
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