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This would be a fairly rare employer who would be able to keep this year’s wage increase in line with inflation. But increasingly, they are under pressure to get closer.

The Society of Human Resource Management cited a new survey on the expectations of workers:

A survey of 5,000 American workers conducted earlier this year by Grant Thornton LLP, an audit, tax and consulting firm, found that among respondents:

• 40% expect salary increases of more than 6% this year.

• 31% expect more than 8%.

• 21% expect to receive more than 10%.

• The company said in its April State of Labor in America survey report that the top reasons workers accepted a new job were higher base pay, better work/life balance, greater opportunities for advancement, better benefits, and increased autonomy.

• When it comes to wages, 40% of workers said they left their job for a company that offered them a raise of 10% or more. Within this group, 13% said they had received a salary increase of 20% or more.

HR managers say the pandemic has profoundly changed the mindset of workers.

A survey of more than 1,000 American workers conducted from March 3 to 11 by the recruitment company Robert Half found that:

• A third (34%) said they hadn’t had a raise in 12 months.
• Another 16% had received a raise but were disappointed with the amount.

Almost two-thirds (62%) of workers surveyed plan to ask for a raise this year, with the top reasons being:

• To be adjusted for the higher cost of living (30%).
• To reflect current market rates (23%).
• To account for additional job responsibilities (22%).

If workers do not receive a raise:

• 31% will ask to revisit the salary conversation in a few months.

• 27% will look for a new job with a higher salary.

• 23% will ask for more benefits.

Employers say they are finding it increasingly difficult to ensure that new hires and current employees are paid fairly. The problem is that employers have such a hard time hiring new employees that they pay new employees more than some people who are already doing the work.

A New York Times article points out that some people are lucky enough to take advantage of high prices. For example, if you own your home, you have probably seen the value of the house increase faster than the rate of inflation. The Times called it a “piggy bank”.

At the Times point, it might be helpful to occasionally remember where the Dow stands todaynot compared to a few months ago – but step back a decade or two and the market takes on a different complexion.

The Times story puts it this way:

More than 4.5 million workers voluntarily quit in March, the highest number since the government started keeping this statistic in 2000, the Bureau of Labor Statistics reported last week. A few years ago, the monthly total was between 3 million and 3.5 million.

“It may be easier to focus on the negative, but a lot of people, maybe 40 million households, are doing pretty well,” said Dean Baker, an economist who was co- founder of the liberal-leaning Center for Economics and Economics. Policy research. “You would have to go back to the late 1990s to find a similar era. Before that, the 1960s.”

This widespread wealth highlights why the number of workers who say they expect to work past their early 60s fell below 50% for the first time. It represents the abundance of billion-dollar start-ups known as unicorns – more than 1,000 now, up from around 200 in 2015. This explains the growing interest in corporate unionization from Amazon to Apple to Starbucks, as hourly workers seek to claim their share.

And all of that is hard to digest if you hope to own a home one day, don’t have a savings savings account, and are buried in student or medical debt. In reality, CNBC Notes:

Even with runaway inflation and rapidly accelerating interest rates, household borrowing rose to start 2022 and hit a new record high, the Federal Reserve reported Tuesday.

Consumer debt and credit rose 1.7% in the first quarter to $15.84 trillion, a new record.

The increase, which was largely driven by mortgage debt, came amid soaring inflation and rising rates.

Student loan debt soared $14 billion in the first quarter, bringing the annual increase to 6.5%.

According to Oxfam research, more than half of single parents earn less than $15 an hour. CNN reported that this puts particular pressure on families who are short of means to reduce their expenses.

This has left many single parents skipping meals so their children have plenty of food, providing less healthy meals for their families, and cutting expenses to the point where any unforeseen costs could mean more debt — or worse.

For these families, whose finances often have little or no wiggle room, inflation — coupled with the end of federal relief efforts like enhanced child tax credit payments – increases the financial pressure.

In March, about 30% of single parents interviewed by Morning Consult said their household finances were worse than average, compared to just over 22% of all adults.

In the 12-month period ending in March 2022, single-parent households report earning about 16% less than adults overall per month and spending about 8% less per month, data shows. from Morning Consult.

consumer price index released today by the Department of Labor tells us the general rate of inflation at the consumer level, but the amount of inflation you experience really has a lot to do with how you spend money. For example, if you bought a used car, you use a lot of gas, you buy a good amount of meat, or your rent has gone up a lot this year, your inflation rate could be higher than that of the neighbor. The New York Times built a calculator this can help you understand how you are doing so far this year. When I entered my data, the calculator indicated that I knew an inflation rate of 7%.

But the same me who bought a used car and paid for daycare would have experienced an inflation rate of 9.6% this year. If you are a vegetarian, your price will drop a little. If you heat your house with oil, it will go up.

Bloomberg tells the story restaurants putting stickers on their menus with the latest prices because costs are rising so fast.

And your inflation rate depends a lot on where you live. Look at the big difference in gasoline prices on Tuesday, some of which were record highs, according to AAA.

NPR’s “Planet Money” recently explained that inflation, especially food inflation, hurts low-income people the most. Wailin Wong explained:

As inflation erodes the value of a dollar, people with more dollars are better able to withstand the shock.

“Planet Money” explained that, against all odds, premium products like fancy mustard or organic products tend not to rise as much as regular products. Premium foods are already priced with a nice built-in profit. Regular products are priced with a lower margin. “Planet Money” said the price of organic produce has fallen partly because more farmers are producing produce labeled organic.

This all matters because SNAP benefits, which you may know as food stamps, are based in part on the Consumer Price Index. According to some experts, the consumer price index underestimates the impact of inflation on people who do not buy high-end products.

The Bureau of Labor Statistics explains:

The CPI represents all goods and services purchased for consumption by the reference population (U or W). The BLS has classified all expense items into more than 200 categories, divided into eight major groups (food and drink, housing, clothing, transportation, medical care, recreation, education and communication, and other goods and services). These major groups include various user fees imposed by the government, such as water and sewerage fees, vehicle registration fees, and vehicle tolls.

Additionally, the CPI includes taxes (such as sales and excise taxes) that are directly associated with the prices of specific goods and services. However, the CPI excludes taxes (such as income taxes and social security) that are not directly associated with the purchase of consumer goods and services. The CPI also does not include investment items, such as stocks, bonds, real estate, and life insurance, because these items relate to savings and not daily consumer spending.

The National Golf Federation says that after years of decline, the sport is growing again.

In 1999-2000, about 4.8 million Americans returned to gambling, according to NGF, in part because of Tiger Woods. NGF says:

In the past two years, the number of beginner golfers in the United States is higher than it was when Woods was most dominant. Almost 30% more. In 2021, a record 3.2 million Americans played golf on a course for the first time. This after 3 million newcomers took up golf in 2020 as the pandemic unfolded and people sought safe outdoor activities that could provide a sense of normalcy with friends and family.

But the National Golf Federation says there is a big difference between the times of two decades ago and today.

A funny thing happened around the turn of the century that isn’t talked about much, though. As overall attendance increased, the average number of rounds played per golfer decreased. What this suggests is that many of those who gave the game a boost back then – perhaps because Tiger made it cool – didn’t play much.

In comparison, the average number of rounds played per golfer today continues to increase. Yes, it’s largely driven by long-time and committed participants, but recent newbies are also playing more often than in the past. Over the past four years, dating back to pre-pandemic days, newbies have averaged more than 12 rounds a year. Among beginners, this is an increase of more than 50% compared to just ten years ago.

Are we currently living in a Covid bubble? Time will tell, but early indicators suggest otherwise.