A new survey shows that inflation is likely to continue to outpace most salaries in the coming years.
The analysis Money wiseThe report, released earlier this month, looked at data from the Bureau of Labor Statistics (BLS), the Federal Housing Agency (FIA) and Redfin to determine how salaries have kept up with inflation over the past five years. The latest data showed that the Consumer Price Index (CPI), a common measure of inflation, was unchanged from May, rising 3.3% annually.
The researchers found that 97 percent of jobs failed to keep up with inflation over the five-year period. After adjusting for inflation, salaries actually fell an average of 8.2 percent over that period, according to their analysis.
Moneywise noted that while inflation continues to outpace wages, house prices have also risen by an average of 56% over the past five years.
The study looked at occupations across 36 different industries and, based on a five-year average growth rate, outlined what the average salary for these occupations will be in 2028. According to the projections, no industry saw an inflation-adjusted salary increase.
Sales, real estate and engineering industries saw the biggest annual salary declines, while aviation, customer service, music, management and hospitality industries saw the smallest annual salary declines, according to the study.
Waiters and waitresses, USA Today According to the survey summary, only three companies have seen inflation-adjusted salaries increase over the past five years: The survey found that median salaries increased 1.73% over the five-year period.
Elementary school teachers, accountants, office workers, registered nurses and general maintenance workers are expected to see the biggest declines in adjusted wages by 2028, according to the media.
According to USA Today, the occupations that will see the biggest increases in adjusted pay are servers, food preparation workers, retail sales associates, cashiers and customer service representatives.
