Most U.S. Workers Say Their Pay Isn't Keeping Up With Inflation

CBS Los Angeles

September 14, 2922

Most U.S. workers say they are struggling to cover everyday expenses as stubbornly high inflation gobbles up pay gains, a new survey shows.

Even as wage growth rose to its highest in years during the pandemic, employees say their earnings aren't keeping pace with the highest inflation in decades. Indeed, 55% said their incomes have not kept pace with rising costs of everyday goods and services, according to Bankrate. That includes half of those Americans who received pay increases.

"It's symptomatic of a high-inflation environment. The labor market has been very strong, the pace of wage growth is the best it's been in about 20 years, but inflation is at the highest in 40 years," Greg McBride, chief financial analyst for Bankrate, told CBS MoneyWatch. "So a lot of households are seeing pay raises that in normal times would look good but, but instead they are being swamped by higher expenses."

Click https://www.cbsnews.com/video/... for the full CBS News video report.

CBS Local Digital Media personalizes the global reach of CBS-owned and operated television and radio stations with a local perspective.