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When pay significantly lags the cost of basics you're gonna have a bad time.
And inflation was more than 3% last month? Still adding insult to injury.
Just a note - that 3% is anualized. That means at the current rate, 12 months adds up to 3%. Still, point is valid.
Inflation was 3.2% from October 2022-October 2023. When it's reported like that it's an annualized rate. So it would be more accurate to say inflation was 3.2% over the last year. Inflation from September 2023-October 2023 was unchanged (0%).
https://www.bls.gov/cpi/
Wage growth has also been ahead of inflation since January 2023. Inflation was outpacing wage growth from May 2021-Dec 2022
https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/
It makes my 6 percent raise drop to basically 2.8 percent. However, I'm thankful for getting a raise in the first place.
Unemployment is at historic lows and labor remains in high demand. This is the time to be bargaining with your employer for raises or entertaining competing job offers if you can. Also unions, more unions please.
I work in tech and we have had thousands of layoffs all year long. It's not as easy to find a better paying job. I have been trying since March.
I'm actually more than happy with my pay, but I hate the work, and the team I am on isn't exactly organized, so everything is a hot mess.
I wish tech would unionize. That would be amazing.
Totally understandable. All this data are averages across the entire economy, and people in different industries or situations or locations aren't all going to be experiencing the same thing.
You're also right about the tech industry, the tech industry is newer and lags other industries in unionizing efforts.
If you're interested in unions, the best place to start is by contacting existing unions for assistance. It's not always in the name, for instance united steel workers has been active in unionizing efforts in tech.
A campaign by the united communications workers of America has also been active and formed 25 bargaining units in the tech industry so far. https://en.m.wikipedia.org/wiki/CODE-CWA
It's also going to depend on what state you're in. If you look at a percentage of union workers by state, it's almost a direct red state blue state correlation, with so called "right to work" laws in red states heavily discouraging union formation.
Even if people aren't in a union, they benefit from unions in their industries as other employers have to compete with union benefits and pay. Sorry for the ramble, I just really like unions.
Working in tech amidst a hot mess seems to be the default position.
Haha, basically.