Bank of America says lower-income job and wage growth outpaces higher earners

The Bank of America Institute July 2026 Employment Report directly confirms the central figures: lower-income after-tax wage growth of 5.2% YoY, overtaking higher-income earners for the first time since December 2024, and payroll growth driven by lower-income households. Axios independently corroborates the narrowing K-shaped dynamic driven by lower-income hiring and job-switching. The 5.2% wage figure and the direction of lower-income job outperformance are verified; the precise 3% vs 1% job-growth split matches the report summary circulated by @DeItaone and is consistent with the Institute's stated finding that lower-income households drove payroll growth.