Macroeconomic issues are taking a toll on consumer spending this Labor Day weekend. According to research from WalletHub, 55 percent of American consumers said they plan to spend less this Labor Day compared to last year.
The personal finance website noted that the survey looked at spending plans and how current economic conditions are impacting household finances. The company also released a report on “Labor Day Fun Facts.”
In the survey, WalletHub researchers found that 63 percent of U.S. consumers “say they are working harder due to inflation” while 61 percent said they “are less likely to travel this Labor Day weekend due to inflation.” Job security was another concern as 23 percent more respondents said they are worried about their jobs as compared to last year. And 87 percent of those polled said they want a raise so they can keep up with inflation.
Jill Gonzalez, WalletHub analyst, said the call for raises is unsurprising “given the fact that inflation is still higher than ideal levels despite many rate hikes. The government has significantly reined in the inflation rate from the 40-year high it hit last year, but a lot of Americans are still struggling.”
Gonzalez went on to note that raises “could help compensate for the damage done to people’s wallets by months of high inflation and help make the cost of living more bearable. Promising raises to new workers would also be a good way for companies who are experiencing labor shortages to entice people to apply.”
Regarding some fun facts about Labor Day, WalletHub said that 818 hot dogs are eaten every second from Memorial Day through Labor Day.
With worker safety, the website said more than “668,000 workers’ lives have been saved since the Occupational Safety and Health Act was enacted in 1970,” and noted that “$174-plus billion is the annual cost of worker injury and illness in the U.S.”
Labor Day was adopted as a national holiday in 1894. According to the U.S. Department of Labor, the holiday is observed the first Monday in September. “Labor Day is an annual celebration of the social and economic achievements of American workers,” the department states on its website. “The holiday is rooted in the late 19th century when labor activists pushed for a federal holiday to recognize the many contributions workers have made to America’s strength, prosperity, and well-being.”