For hourly workers, $20 is the new $15. But pay expectations are rising across the wage scale.
Although inflation has cooled off over the last two months, falling from a historic high of 9.1% of year-over-year growth in June to 8.5% in July, prices remain high, Konkel said. And Census data shows 40% of U.S. adults said it was somewhat or very difficult to cover the usual household expenses.
Data from the Paychex IHS Market Small Business Employment Watch found wage increases saw a boost over the previous month, growing at 5.18% compared to 5.03% in July 2022. The wage growth came even as its Small Business Jobs index dropped below 100, the first time it has done so since September 2021., Paychex CEO. “We’re seeing a continuation of last month’s trends, which showed that the issue was not a lack of job openings but of candidates looking for new roles.
And jobseekers agree inflation has pushed them to switch up jobs or think about changing careers. About 80% of those surveyed by FlexJobs found inflation is impacting their career decisions. About one-third of workers said it's a huge factor, while 46% said it was a factor or a small factor. Overall, workers were confident they could find new jobs, with 45% saying they were somewhat confident, 26% saying they were very confident and 12% saying they were extremely confident.
"It's understandable inflation pressure and recession fears are growing concerns for the majority of today's workers," said
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