TRENTON, N.J. — A majority of New Jerseyans are grappling with the relentless pressure of inflation, according to WalletHub’s 2024 Labor Day Survey.
The survey reveals that approximately 74% of participants believe inflation is erasing their hard work, reflecting widespread economic strain across the state.
The survey, which provides a snapshot of Americans’ Labor Day plans and economic sentiments, underscores the financial challenges many are facing. Nearly two-thirds of respondents indicated that inflation is influencing their Labor Day plans, with many opting to scale back celebrations.
Despite these concerns, there is a glimmer of optimism. Sixty-seven percent of respondents reported being in a better financial position than they were last Labor Day, a sign that some New Jerseyans are managing to navigate the economic difficulties.
However, the increased financial pressure has not gone unnoticed.
The survey found that 67% of people feel they are working harder this year compared to last year, a sentiment echoed by many across the state. In addition, a staggering 93% of respondents expressed the need for a raise to keep pace with inflation.
WalletHub also highlighted that 66% of Americans believe Labor Day sales offer good deals, a small relief as consumers look to stretch their dollars further.
“This is what we’re seeing across the board,” a WalletHub representative said, reflecting on the survey’s findings.
For those seeking more detailed insights, the full survey results are available on WalletHub’s website.