As Labor Day approaches, it is a time to both celebrate American workers and take a critical look at how they have been impacted by rampant inflation and the threat of a recession. Workers were already hit hard during the past few years due to the COVID-19 pandemic, and though unemployment is back near record lows, the current inflation problem is a huge threat to people’s financial security.
In light of the financial struggles faced by workers across the U.S. and in recognition of Labor Day, WalletHub conducted a nationally representative survey, which found that 87% of people think they should get a raise to keep up with inflation. In addition to examining how the current economic environment has impacted Americans’ finances, WalletHub’s survey also took stock of people’s plans for Labor Day.
Key Stats
- Consumers plan to shop more. 23% more people plan to go shopping over Labor Day this year than last year.
- Many people are concerned about monkeypox. 40% of people think monkeypox will have a negative effect on the economy.
- Gas prices are impacting Labor Day travel. 44% of people say they’re less likely to travel this Labor Day weekend due to high gas prices, compared to last year.
- Many people have started working harder. 55% of people say they’ve worked harder since the pandemic began.
- Cost dominates Labor Day travel concerns. The biggest concern about Labor Day travel this year is cost (48%), followed by traffic (26%) and car accidents (12%).
Labor Day Fun Facts
- 75% of Americans left vacation days unused in 2021.
- 61% of remote workers find it more difficult to unplug during off-hours now than before the pandemic.
- 818 hot dogs are eaten every second from Memorial Day to Labor Day.
- More than 647,000 workers’ lives have been saved since the Occupational Safety and Health Act was enacted in 1970.
- $176+ Billion is the annual cost of worker injury and illness in the U.S.
The original story appeared here: https://wallethub.com/blog/labor-day-spending-survey/39381
