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Americans report receiving wage increases that fail to keep pace with record inflation, according to a Wednesday survey from Bankrate.
Price levels between August 2021 and August 2022 rose 8.3%, according to data from the Bureau of Labor Statistics. The reading marked a decline from the 8.5% rate seen in July 2022 and the 9.1% rate seen in June 2022, although core inflation — which factors out food and energy prices — continued to increase.
The poll from Bankrate found that 48% of American workers enjoyed a pay raise in the past year while 21% found a higher-paying job, including 8% who received both. Meanwhile, 39% of workers received neither — the lowest level in any prior iteration of the survey.
Inflation nevertheless appears to be outpacing earnings. Only 39% of respondents who received a raise or a better-paying job reported income that allowed them to adequately cope with rising consumer prices. A scant 33% of overall workers reported that their income has either exceeded or kept pace with inflation over the past year.
“Inflation that has run at the highest levels in more than four decades has stripped buying power away from households of all walks of life,” Bankrate chief financial analyst Greg McBride remarked.
