Pandemic Trend Flips as US High Earners See Strongest Wage Gains

Wage growth is rising faster for higher-income US households than for those at the bottom of the income ladder, representing a further departure from the post-pandemic trend, Bank of America Institute data show.

Wages for higher-income households in the three months ended in October rose 3.7% on average from the same period a year earlier, compared with a 1% increase for lower-income Americans, according to the bank’s internal customer deposit data. The gap matches August as the widest in data back to 2016, said David Tinsley, senior economist at the institute.