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Although there has been a drop in the unemployment rate in the U.S., wage growth has stagnated in recent months, Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. Report said. The banking giant investigated the weakness in wage growth across the income distribution, based on granular hourly earnings data from the establishment survey.

Goldman's results suggest that recent wage declines has been concentrated at the high end.

"We find that hourly earnings growth has slowed significantly among both the top 20% and top 5% of sub-industry groups, whereas growth in the bottom-half of the income distribution is relatively high and appears to be accelerating," the firm said.

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