Episode Details

Lower-income workers are finally outpacing higher earners in wage growth — a rare reversal that signals a resilient labor market. New Bank of America data reveals after-tax wages for lower-income households surged 5.2% in July, beating the 4.2% gain for high earners for the first time since late 2024. Job growth is accelerating too, with estimates hitting 2% annually — driven by lower-income workers — while unemployment remains low. ADP’s private sector jobs report adds fuel to the fire, showing 44,000 new hires and 4.4% pay growth. This could be a preview of the official jobs report — and it’s shaping up to be one of the most balanced labor market recoveries in years.

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