Read our full analysis for a more in-depth look at these trends.
The Institute Employment Report: May 2026
Payroll growth picked up in May, with some signs of a recovery in lower- and middle-income wage growth.
June 2026
Key takeaways
- Payroll growth picked up again in May, according to Bank of America customer deposit account data, suggesting the labor market remains resilient and broadly healthy. It appears much of this strength is being driven by gains in lower-income jobs.
- Consistent with improvements in the labor market, unemployment payments into Bank of America customer deposit accounts continues to show slowing growth.
- Wage growth for lower- and middle-income households is recovering but still lags higher-income earners, despite some narrowing in the gap. Lower- and middle-income after-tax wage growth rose to 3.1% and 3.5% year-over-year (YoY), respectively, in May, while higher-income wage growth eased to 5.6% YoY.
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