February 26, 2024

Workers Feel Their Paycheck Is Not Keeping Up With Inflation

More than half of U.S. workers (53%) feel their paychecks are not keeping up with the pace of inflation, according to a new ASA Workforce Monitor® study from ASA and The Harris Poll.

As interest rates and inflation exert increased pressure on consumers’ finances, the survey found that only 47% of U.S. workers do think their paycheck is keeping up with the current rate of inflation.

Nearly four in 10 (38%) U.S. adults said their overall financial situation is more stressful than it was 12 months ago, at a time when the majority of Americans say inflation is causing them to save less for unexpected expenses.

“The data may project a soft landing for the economy, but the bank accounts of America’s workers are telling a different story,” said ASA chief executive officer Richard Wahlquist. “With the price of a pound of ground beef increasing by 29% over just four years and personal savings rates at their lowest levels in 15 years, U.S. workers are understandably stressed about the adequacy of their paychecks and their ability to save for their future. Unless things begin to turn around quickly, workers’ negative attitudes about their finances and the economy will likely be a top issue when voters go to the polls in November.”

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Upcoming Events

Free ASA Webinar Tomorrow—Understanding the M&A Market

Don’t miss tomorrow’s ASA webinar “Staffing Mergers and Acquisitions Market Update: 2023 Takeaways and 2024 Outlook,” 2–3 p.m. Eastern time. There were plenty of staffing industry mergers and acquisitions in 2023 despite broader challenges and volatility—what does the market look like for 2024? Jeremy Falendysz of UHY Corporate Finance and Paul Pincus of Ortoli Rosenstadt will analyze the data and share their insights into relevant trends for staffing company buyers and sellers.

All ASA webinars are free for ASA members, and most qualify for continuing education hours toward ASA certification renewal. To learn more and to register, visit americanstaffing.net.

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How Staffing Can Ride the Tide of Wage Inflation—Read Staffing Success Magazine

Several factors caused American workers’ wages to rise in the aftermath of the pandemic, including increased labor demand, inflation, and Federal Reserve policies. In the January–February issue of Staffing Success magazine, ASA chief economist Noah Yosif and research coordinator Max Aldrich take a deep dive into the national upward trend in wages, or wage “inflation,” and examine its potential effects for staffing companies in the new year.

Access the current issue and back issues of Staffing Success, and other ASA digital publications, at americanstaffing.net/digital.

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Staffing Today is published by the American Staffing Association, with news abstracts copyrighted in 2024 by SmithBucklin of Chicago, IL, and all other content copyrighted in 2024 by ASA. No part of this publication may be reproduced without permission.

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The American Staffing Association is the voice of the U.S. staffing, recruiting, and workforce solutions industry. Learn more at americanstaffing.net.

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