It won't get much attention given how the revisions show a much slower pace of job growth than previously reported, but... The index of aggregate weekly payrolls (a good monthly proxy for nominal income growth as it correlates well with nominal GDP growth) was up 5.3% on the year in July, up from 4.5% in June, as hours worked ticked higher and hourly earnings growth was steady. The 12-month rate has been in a tight range between 4.5% and 5.3% over the past year, close to the pre-pandemic norm. The three-month annualized rate (which has been noisy) rebounded 4.6% in July from a (downwardly revised) 2.8% in June, which had been the lowest of the post-pandemic expansion.