Job growth beat expectations in August in the United States, but wage growth has lagged inflation. Real wages fell 0.4 percent year over year in June, and labor’s share of nonfarm business output dropped to 52.8 percent in the second quarter of 2026, its lowest level since 1947. A study by Apollo Global Management found that workers in highly AI-exposed occupations experienced real-wage growth that was 6.7 percentage points slower than other workers after 2023, with no significant effect on employment. Economists caution against hasty conclusions and note the data remains limited, but several experts believe wages could be the primary visible area where AI’s impact materializes in the U.S. labor market.
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