That’s about a percentage point lower than shown in official statistics so far this year, they said, with the expansion “trending down” since China reopened from the pandemic in early 2023.
China’s wage growth has slowed to the weakest pace outside the pandemic, an alternative indicator compiled by Goldman Sachs Group Inc showed, revealing an obstacle to stronger consumption at home as risks abroad mount.
Wages grew 3.9% from a year ago in the second quarter — the lowest reading on record, with the exception of the pandemic years, according to a tracker published Sunday by Goldman economists led by Andrew Tilton.
