Wage war: Some jobs win, others lose in inflation battle
Inflation was higher wage growth for postal workers (minus 13%) marketers (minus 8%), real estate agents (minus 7%), accountants (minus 6%) and Insurance agents (minus 6%).
Staying ahead of rising prices is much easier for workers whose income is increasing faster than the inflation rate.
“Put simply, make more to afford the rising costs of goods,” according to a new report from FinanceBuzz. “If your annual raise falls below the national inflation rate, you’re effectively taking a pay cut, despite a higher number on your paycheck. The extent to which this occurs largely depends on your profession.”
Researchers analyzed salary data for 37 U.S. jobs from 2013 to 2023 to identify which wages have outpaced inflation and which have fallen behind. Inflation outstripped wage growth in many fields, and 12 jobs saw salary increases lower than the national inflation rate of 31% over the last decade.
Service industry workers experienced the highest wage growth. Servers’ and bartenders’ average annual salaries increased by 75% and 70%, respectively, from 2013 to 2023, more than all other jobs. The lowest wage growth occurred in public service, marketing and real estate.
The top five professions where salaries have experienced the most growth compared to the inflation rate over the past decade are servers (44%), bartenders (39%), farmers (38%), journalists (29%) and fast-food worker (28%).
“While some service industry jobs saw remarkable wage growth, others struggled to keep pace with inflation,” the report said. “Postal workers experienced the lowest wage increase of any profession, with salaries increasing just 18% from 2013 to 2023, significantly below the national inflation rate of 31% and a lower rate than any other job.”
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Inflation was higher wage growth for postal workers (minus 13%) marketers (minus 8%), real estate agents (minus 7%), accountants (minus 6%) and Insurance agents (minus 6%).
“No matter what you do for work, having a little extra money in your pocket is always nice,” the report said. Researchers recommended several strategies to boost income:
- Earn extra income on the side. Explore flexible side gigs that fit your routine, such as food shopping and delivery services.
- Set a budget. Cut back on unnecessary purchases and plan your spending to keep more money in your pocket.
- Work from home.