Goldman Finds China Enduring Worst Wage Growth Outside Covid

China’s wage growth has slowed to the weakest pace outside the pandemic, an alternative indicator compiled by Goldman Sachs Group Inc. showed, revealing an obstacle to stronger consumption at home as risks abroad mount.

Wages grew 3.9% from a year ago in the second quarter — the lowest reading on record, with the exception of the pandemic years, according to a tracker published Sunday by Goldman economists led by Andrew Tilton.