August 8, 2025 12:00 PM GMT Real labor income growth has slowed from an average of almost 3.5% last year to just over 2% this year. We break down employment growth and wage growth by income cohort. The middle-income cohort, largely concentrated in manufacturing, has had the weakest employment growth, but their wages have held up. While wage growth was strongest for the lowest cohort coming out of the pandemic, it is now weakest, only just outpacing inflation. As labor demand continues to slow and inflation ...