Americans are seeing the fastest wage growth in decades, and the majority of workers in a Bankrate survey say they’ve gotten at least some kind of income boost over the past 12 months — but the hottest inflation in almost four decades could be keeping them from fully reaping those benefits.
Nearly half of workers (48%) got a raise this past year and 21% found a higher-paying job, including 8% who received both, according to Bankrate’s September Pay Raise survey. Just 39% didn’t receive either one, the lowest in any prior iteration of the poll and significantly down from 56% in 2021, 50% in 2019 and 62% in 2018.
While it’s been a boon for Americans’ wallets, those gains are doing little to offset rising consumer prices. Just 2 in 5 workers (or 39%) who received a pay raise or found a better-paying job say their income has either kept pace or risen faster than consumer prices. Half of these same workers say their income fell behind.
