finance
Wage Growth Concentrated Among Higher-Income Households in April
Higher-income households saw after-tax wage growth of 6 percent year-over-year in April while lower-income households experienced only 1.5 percent growth that barely offset rising gas costs, according to Bank of America Institute data. Overall consumer credit and debit card spending rose 4.8 percent year-over-year, the strongest monthly gain in three years.
May 12, 7:59 AM·1m read2 sources
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Wage growth in April was increasingly concentrated among wealthier households, according to Bank of America Institute data. After-tax wages for higher-income households rose 6 percent year-over-year. Lower-income households saw wage growth of 1.5 percent year-over-year.
Credit and debit card spending overall rose 4.8 percent year-over-year in April, marking the strongest monthly gain in three years.
The Bank of America Institute tracks both wage trends and actual card spending. Liz Everett Krisberg, head of research at the institute, said the April credit and debit card spending figures reflected these patterns. Higher-income households continued to drive much of the spending growth. The institute has flagged similar dynamics in prior monthly reports.
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