Treasury chief says wages for low-income US workers rose 5.5% YoY

In a recent statement, Treasury Secretary Scott Bessent said that wages for Americans across the distribution have increased, with a notable 5.5% year-over-year gain for workers at the 25th earnings percentile during the last quarter. He added that median weekly earnings rose 4.6%, a rate that surpasses current inflation. By contrast, earnings for those in the top 75th percentile grew only 1.5% from the previous quarter, according to Bureau of Labor Statistics figures.

Bessent accused mainstream outlets of misrepresenting the data and declared the previously cited "K-shaped" economy narrative obsolete. He linked these wage gains to policies enacted under President Trump and framed them as a reversal of purchasing-power losses experienced during the prior administration. The remarks come as the administration seeks to showcase economic successes before the upcoming November elections.