The Institute Employment Report: September 2025

What does Bank of America data tell us about the labor market in September?

Headshot of David Tinsley

David Tinsley

October 2025

Key takeaways

  • Bank of America internal data suggests, in our view, that in September there was a continued slowing in employment growth and also rising unemployment claims.
  • The situation around pay growth is more nuanced. Bank of America data on after-tax wage and salary growth shows lower-income households' pay growth lagging middle- and higher-income households pay growth in September. But there is little sign of a slowdown in overall wage growth.

Read our full analysis for a more in-depth look at these trends.

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