COMP NEWS – Americans’ purchasing power has dwindled over the last five years, with inflation and skyrocketing costs of living being two of the biggest factors.
The last three years have seen an average annual inflation of 5.6%, the highest three year average inflation rate since the early 1980s recession.
With this in mind, we looked at data from the Bureau of Labor Statistics (BLS), the Federal Housing Finance Agency (FHFA) and Redfin to find out how far salaries have kept up with inflation over the last five years, and how much money we will have in our pockets in the next five years if things carry on in the same direction.
- 97% of occupations’ salaries have failed to keep up with inflation over the last five years.
- Salaries have fallen by an average of 8.2% in the last five years.
- Sanitation and environmental conservation related jobs have seen the largest salary cuts of all industries. Salaries have fallen by an average of 10.4% in this industry.
- Despite this, house prices have risen by an average of 56% in the last 5 years.
To find a complete data table covering dozens of industries and professions, click here.
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