Americans may struggle for another five years as buying power shrinks more, report says

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Americans may struggle for another five years as buying power shrinks more, report says

Medora Lee
USA TODAY
Published 5:11 a.m. ET June 20, 2024 } Updated 5:11 a.m. ET June 20, 2024

If you found it increasingly hard to make ends meet over the past five years, it’s probably only going to get worse, according to new research.

Over the past five years, 97% of occupation’s salaries have failed to keep up with inflation, said personal finance platform Moneywise, which analyzed data from the Bureau of Labor Statistics (BLS), the Federal Housing Agency (FIFA) and Redfin to find out how salaries have kept up. It found average salaries have fallen 8.2% as home prices rose an average of 56%.

And it likely won’t get much better. Of the 20 most common jobs in America, only one – waitstaff - is expected to see an increase in salary after adjusting for inflation by 2028, it said.

“If things don't change soon, the pain and pressure of inflation, rising cost of living, and soaring housing costs will lead to a significant reduction in purchasing power for Americans in nearly every occupation and industry,” said MoneyWise research analyst Nick Rizzo.

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