Episode Details

Lower-income workers are outpacing higher earners in wage growth for the first time in 20 months, signaling a surprising shift in the job market. Bank of America’s latest analysis reveals that after-tax pay for lower-income households surged to 5.2% in July — faster than middle- and high-income groups — fueled by job gains and possibly reduced tax withholdings. Job growth momentum picked up to 2% annually, with lower-income earners driving the surge. Meanwhile, ADP reports private sector hiring jumped 44K in July, hinting at a strong official jobs report expected soon.

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