Bank of America reports that lower-income households saw 3% year-over-year job growth in July, compared to 1% for higher-income workers. Additionally, after-tax wage growth for lower-income households reached 5.2%, surpassing the 4.2% for higher-income households for the first time since December 2024. The bank suggests that stronger wage gains, coupled with solid productivity growth, are supporting consumer spending without necessarily increasing inflation.