Some indicators suggest hiring has softened, while others point to a labor market that remains fundamentally stable rather than deteriorating. Private-sector payroll processor ADP also reported weaker-than-expected hiring growth for July, adding to concerns that employers remain reluctant to expand their workforces. According to the analysis, annual after-tax wage growth for lower-income households exceeded that of higher-income households for the first time since December 2024. Bank of America researchers attributed the improvement largely to increased job mobility among lower-income workers. "What's driving the pick-up in after-tax wage growth among lower-income households?