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.

The faster growth for America’s highest earners ...