If you’ve found it increasingly difficult to make ends meet over the past five years, it’s likely to get worse, according to a new study.
Over the past five years, 97% of occupation wages 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 the salaries were kept. It found average wages fell 8.2% as house prices rose an average of 56%.
And it probably won’t get much better. Of the 20 most common jobs in America, only one — wait staff — is expected to see a wage increase after adjusting for inflation through 2028, he said.
“If things don’t change soon, the pain and pressure of inflation, rising cost of living and rising housing costs will lead to a significant reduction in purchasing power for Americans in nearly every occupation and industry,” the research analyst said. at MoneyWise, Nick Rizzo. .
Which jobs will lose the most purchasing power by 2028?
The top five occupations that will see their adjusted wages shrink the most, according to MoneyWise, are:
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Primary school teachers:
- 2023 median salary: $64,290
- 5-year salary change adjusted for inflation: -11.59%
- Projected salary for 2028: $56,504
Accountants:
- 2023 median salary: $79,880
- 5-year salary change adjusted for inflation: -10.51%
- Projected 2028 salary: $71,485
Administrative Assistants:
- 2023 median salary: $46,010
- 5-year salary change adjusted for inflation: -8.47%
- Projected salary for 2028: $42,113
Registered Nurses:
- 2023 median salary: $86,070
- 5-year salary change adjusted for inflation: -7.82%
- Projected 2028 salary: $79,339
General maintenance workers:
- 2023 median salary: $46,700
- 5-year change adjusted for inflation: -7.55%
- Projected 2028 salary: $43,174
What jobs will they do better?
The five professions that MoneyWise expects to retain the most or increase their purchasing power are:
Waitresses and waiters:
- 2023 median salary: $31,940
- 5-year salary change adjusted for inflation: +1.73%
- Projected 2028 salary: $32,493
Food preparation employees:
- 2023 median salary: $32,420
- 5-year salary change adjusted for inflation: -0.36%
- Projected salary for 2028: $32,303
Retail sales employees:
- 2023 median salary: $33,900
- 5-year salary change adjusted for inflation: -1.25%
- Projected salary for 2028: $33,476
Cashiers:
- 2023 median salary: $29,720
- 5-year salary change adjusted for inflation: -1.48%
- Projected salary for 2028: $29,280
Customer Sales Representatives:
- 2023 median salary: $39,680
- 5-year salary change adjusted for inflation: -3.23%
- Projected salary for 2028: $38,398
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But isn’t inflation falling?
Yes, inflation has been cooling in the past year, but that may not be enough to reverse the trend.
“If the economy improves as a whole, then we will probably start to see a slow reversal in this trend, but even if inflation were to come down, given the rising house prices, ongoing conflicts, stagnant wages and greed that is job loss due to AI (artificial intelligence), the deck seems stacked against the vast majority of Americans getting back to where they were anytime soon,” Rizzo said.
“And for some professions and industries, it’s possible they never will, given the breakneck speed of AI development and evolution that continues to be integrated directly into businesses, whether to assist employees or replace them them,” he said.
Medora Lee is a USA TODAY money, markets and personal finance reporter. You can reach him at [email protected] and sign up for our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
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