87% of people think they should get a raise to keep up with inflation, the personal-finance website WalletHub found in its Labor Day Survey. This nationally-representative survey examines Americans’ Labor Day plans and how people have been impacted the current economic environment.
Alongside this survey, WalletHub also released its Labor Day Fun Facts report to educate and entertain consumers with stats on all aspects of the holiday – from hotdogs and history to financials and 5Ks. You can find highlights from each below, along with a Q&A with WalletHub analyst Jill Gonzalez.
- 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%).
- 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.
Q&A With Jill Gonzalez, WalletHub Analyst
How do Americans’ Labor Day plans compare to last year?
“Around 23% more Americans plan to shop over Labor Day weekend compared to last year, but 44% of people say they are less likely to travel,” said Jill Gonzalez, WalletHub analyst. “The decrease in travel is spurred by high gas prices, which have come down slightly in recent weeks but are still far above last year’s prices. In fact, 48% of Americans cite cost as their biggest Labor Day travel concern.”
Do Americans think their jobs should adjust their pay to compensate for inflation?
“Around 87% of Americans think that they should get a raise to keep up with inflation. This is unsurprising given the fact that inflation hit 40-year highs this year and has only started to cool down in recent months,” said Jill Gonzalez, WalletHub analyst. “The Federal Reserve aims to rein in inflation through a series of rate hikes, but Americans have already experienced a huge hit to their wallets this year, and raises could help compensate for that.”
How have Americans changed how hard they work in recent years?
“More than half (55%) of Americans say they have worked harder since the COVID-19 pandemic began. The pandemic caused a period of extremely high unemployment, which has been resolved but replaced by extremely high inflation, so many Americans likely feel the need to make up for lost ground in their finances by working extra hours or even an extra job,” said Jill Gonzalez, WalletHub analyst. “Naturally, Americans who work harder will also appear to be more reliable and more valuable employees, which makes them less likely to be laid off and more likely to receive raises and promotions.”