You may not be able to afford the rising cost of living this year. A new survey suggests that only half of working Americans received a pay increase in the last 12 months. The other half been given a fist full of bupkiss.
According to a Bankrate.com study, half of working Americans have not received pay increase in the last 12 months. Or, at the very least, they feel like they haven’t earned a pay increase.
In the 12 months ending in October, the average weekly earnings in the private sector jumped 2.5 percent to $891.65. When it comes to people earning more money than a year ago, more than one-third (37 percent) received a raise, and 12 percent looked for a better paying jobs.
Of the individuals who did not get a raise or a promotion in the last 12 months, seniors over 62, part-time workers and less-educated were most affected.
“When it comes to rising incomes, it’s a case of the ‘halfs’ and the ‘half-nots’ with half of working Americans getting a raise or better paying job and half that didn’t,” said Greg McBride, senior vice president and chief financial analyst for Bankrate, in a statement.
Although there have generally been personal income and wage increases, they have not been felt across-the-board. And this is bad news for those who have to live under a roof, eat food, wear clothes and seek out medical care (SEE: Inflation Alert: Prices soaring for things you really need).
Leave a Comment