Institute Employment Report for March 2026

This document is an employment report published by the Bank of America Institute, detailing payroll growth and wage dynamics as of March 2026. It presents findings based on customer deposit account data, indicating a year-over-year payroll growth of 1.4%, aligning with trends observed in early 2025. The report highlights a significant disparity in after-tax wage growth among different income groups, with higher-income households experiencing a growth rate of 5.6% compared to just 1.0% and 2.0% for lower- and middle-income households, respectively. This widening gap in wage growth is attributed to a surge in bonuses for higher-income households, while bonuses for lower-income groups remain negative. The report also discusses the easing growth of unemployment payments and compares its findings to data from the Bureau of Labor Statistics, noting that the overall unemployment rate was 4.3% in March. The methodology section outlines the data sources and analytical approaches used to derive these insights.