As Labor Day approaches, it is a time to both celebrate American workers and take a critical look at how they have been impacted by inflation and other economic difficulties. Currently, many workers are fighting for better employment conditions – for example, the Writers Guild and SAG-AFTRA have been striking for months to improve pay and ensure AI isn’t used to hurt workers.
In light of the struggles faced by workers across the U.S. and in recognition of Labor Day, WalletHub conducted a nationally representative survey. This survey took stock of people’s plans for Labor Day and examined how the current economic environment has impacted Americans’ finances. It found that 55% of Americans plan to spend less this Labor Day compared to last year. This is a sign that people’s wallets have been impacted by inflation, even though it has decreased recently. Below are some additional key stats from the survey, which highlight workers’ concerns about inflation, job security and artificial intelligence.
Key Stats
- Many people have started working harder. 63% of people are working harder due to inflation.
- Inflation is impacting Labor Day travel. 61% of people are less likely to travel this Labor Day weekend due to inflation.
- Job security is a rising concern. 23% more people say they are concerned about their job security this Labor Day compared to last year.
- There is high demand for raises. 87% of people want a raise to keep up with inflation.
- Some people are worried about AI. 37% of people are concerned that artificial intelligence will take their jobs.
Ask the Experts
For additional insight into the state of the workforce this Labor Day, WalletHub turned to a panel of experts. Click on the pictures of the experts below to see their bios and responses to the following key questions:
- WalletHub’s survey found that 61% of people are less likely to travel this Labor Day weekend. What impact will that have on small businesses throughout the country?
- Around 55% of people will spend less on Labor Day this year compared to last year. Aside from inflation, are there any other factors you would attribute to this change?
- Around 23% of Americans are more concerned about job security this year compared to last year. What advice do you have those people?
- Do you share the concerns of the 37% of people who think artificial intelligence will take their jobs?
Ask the Experts
Survey Methodology
This report reflects the results of a nationally representative online survey of over 220 respondents.
After we collected all responses, we normalized the data by age, gender and income so the sample would reflect U.S. demographics.
Full Details Overall
Are you planning to spend more or less this Labor Day weekend compared to last year? | |
---|---|
Less | 55% |
More | 45% |
Are you planning to go shopping over Labor Day weekend this year? | |
Yes | 51% |
No | 49% |
Are you working harder due to inflation? | |
Yes | 63% |
No | 37% |
Are you less likely to travel this Labor Day weekend due to inflation? | |
Yes | 61% |
No | 39% |
Is the labor force better or worse off this year than last year? | |
Worse | 41% |
Same | 32% |
Better | 27% |
Are you concerned that artificial intelligence will take your job? | |
No | 63% |
Yes | 37% |
Do you think you should get a raise to keep up with inflation? | |
Yes | 87% |
No | 13% |
Are you concerned about your job security this Labor Day? | |
No | 63% |
Yes | 37% |
What did you spend most of your travel money on this summer? | |
Food | 25% |
Gas | 19% |
Entertainment | 15% |
Airline travel | 13% |
Lodging | 10% |
No money spent on travel | 18% |
Are you doing better or worse financially than you were last Labor Day? | |
Better | 62% |
Worse | 38% |
Note: Percentages may not total 100% due to rounding.
WalletHub experts are widely quoted. Contact our media team to schedule an interview.