Labor Day 2024: Are You Working Harder Than Last Year?

According to a recent Labor Day survey, most workers (67%) believe they are working harder this year than last year. Still, 67% of Americans said they are doing better financially than they were last Labor Day.

These mixed results show the impact inflation has on workers. Most Americans (74%) think inflation is erasing their hard work, and 93% want a raise to keep up with inflation. Additionally, nearly two in three Americans said inflation will affect their Labor Day plans.

“There is not a lot that workers and employers can do individually to reverse the rate of inflation, but there are ways to stay afloat,” said Cathy Carey, University of Southern Indiana professor of economics. “Some ways to do this are to rein in excess spending, save in ways that take advantage of higher interest rates and market returns, and hold off on more significant purchases until wages catch up or prices fall.

“This is not a time to lose hope and give up on hard work. Quite the contrary—this is the time to stand out so that when the benefits of hard work pay off, they pay off bigger, particularly in occupations that are commission-based or use merit pay. Employees might seek additional training or education to enhance their skills. Employers can help workers through training programs, which can lead to internal promotions and pay raises, allowing employees to keep pace with inflation.”