A multi-PAM equalizer receives an input signal distorted by inter-symbol interference (ISI) and expressing a series of symbols each representing one of four pulse amplitudes to convey two binary bits of data per symbol. High-order circuitry resolves the most-significant bit (MSB) of each two-bit symbol, whereas low-order circuitry 115 resolves the immediate least-significant bit (LSB). The MSB is used without the LSB for timing recovery and to calculate tap values for both MSB and LSB evaluation.