While inflation has slowed down in the last year, its record highs in 2022 — which peaked at 9.1% last summer — will have lasting effects on employers and employees alike.
According to global employment website Monster, 81% of workers report that their current wage has not kept up with the rising cost of living and inflation this year. And although the job market still favors workers, with U.S. employers adding 253,000 jobs and the unemployment rate decreasing by 0.1% to 3.4% in April, employees are not as optimistic about their raise prospects in the face of shrinking employer budgets.
