Tags: bankrate | pay | raise | wages

Bankrate: Only Half of Working Americans Got a Pay Raise This Year

Bankrate: Only Half of Working Americans Got a Pay Raise This Year

(Dollar Photo Club)

Wednesday, 16 November 2016 07:27 AM EST

 

Nearly half of working Americans said their pay increased over the past 12 months, according to a new study by Bankrate.com.

The other half of working Americans say they haven't seen a pay raise. Or at least it feels that way to them.

"When it comes to rising incomes, it's a case of the 'halfs' and the 'half-nots' with half of working Americans getting a raise or better paying job and half that didn't," says Greg McBride, senior vice president and chief financial analyst for Bankrate.

Average weekly earnings in the private sector rose 2.5 percent in the 12 months ending in October, to $891.65, according to the Bureau of Labor Statistics.

Of those making more money compared with a year ago, about 37 percent received a raise while nearly 12 percent found a better paying job, Bankrate said.

Among the raises, 52 percent were from performance-based increases, nearly a third were cost-of-living adjustments and 10 percent were promotions, the report said.

Those that didn't get a raise or promotion in the last year skewed toward less-educated workers, part-time employees and those ages 62 and up, according to the report.

"As with the just-completed election, the apparent divide among Americans includes wages," Mark Hamrick, Bankrate's senior economic analyst, told CNBC.

Despite steady personal income and wage gains, those gains have not been felt across the board, Hamrick said.

"We have been given repeated reminders about the economic division in our country, and this is another aspect of that," he said.

“The tightening job market is finally showing up in higher wages, which should make Janet Yellen and lots of workers happy,” Newsmax Finance Insider Joel Naroff says.

 

© 2024 Newsmax Finance. All rights reserved.


Economy
Nearly half of working Americans said their pay increased over the past 12 months, according to a new study by Bankrate.com.
bankrate, pay, raise, wages
277
2016-27-16
Wednesday, 16 November 2016 07:27 AM
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