---
title: "Bank of America: US Wage Growth Accelerated in July, Driven Significantly by Low-Income Groups"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/295021201.md"
description: "A report from Bank of America shows that the year-on-year growth rate of US wages reached 2% in July, primarily driven by low-income groups. The growth rate of after-tax wages for this group exceeded that of high-income households for the first time since December 2024, while unemployment benefit payments remained flat"
datetime: "2026-08-05T21:47:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/295021201.md)
  - [en](https://longbridge.com/en/news/295021201.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/295021201.md)
---

# Bank of America: US Wage Growth Accelerated in July, Driven Significantly by Low-Income Groups

According to a research report released by Bank of America, the bank estimates using internal data that US wages grew by 2% year-on-year (non-seasonally adjusted) in July.

Growth in unemployment benefit payments remained flat, with employment growth primarily driven by low-income households.

The after-tax wages of this group grew by 5.2% year-on-year (seasonally adjusted), exceeding the growth rate of high-income households for the first time since December 2024.

The above estimates are based on the three-month moving average of Bank of America consumer deposit data.

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