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Growth in wages paid accelerated in April to 1.9% y-o-y on a three-month moving average, up from 1.4% in March.
Bank of America data shows wage growth accelerating to 1.9% y-o-y in April, the highest since 2021.
KEY POINTS
- BofA data contrasts with weaker BLS and ADP wage indicators, indicating a growing divergence.
- Growth in unemployment benefits slowed to 7.4% y-o-y in April, suggesting no clear labor market degradation.
- Small businesses saw payroll payment declines for the third straight month according to BofA’s data.
- Gas station card spending rose 16.5% month-on-month, disproportionately impacting low-income households.
COMPANIES
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