More Americans Expect Their Earnings to Increase

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In current times, life is not necessarily easy for the average American. As inflation, supply chain issues, and interest rates grow, some companies are choosing to cut losses by laying off workers.

In turn, this leaves a percentage of the country out of work amid inflation and recession crises. Some people are therefore turning to delivery apps and other side hustles to bring in extra income.

However, despite the currently gloomy status of the economy, there is still at least a glimmer of light at the end of the tunnel.

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According to a new poll, a decent percentage of Americans anticipate income increases within the next 12 months.

A closer look at the new poll

Rasmussen Reports notes that 56% of Americans with full-time jobs foresee their income going up within the next year. Back in April, only 39% of full-time workers thought their earnings would increase in the year to come.

The survey likewise reveals 52% of people across the country enjoy full-time jobs, despite the current state of the economy.

Five in ten Independents and Democrats report working full-time; whereas 55% of Republicans confirmed the same.

Meanwhile, more than seven in ten Americans believe sticking with their current employers will provide the best shot at career advancement.

Bettering the economy going forward

Amid all the negative hits the economy has taken as of late, some good news stands as a relief for many people. Nevertheless, a way to go still exists before the economy is completely out of the woods.

Right now, bringing down the inflation rate remains a vital step for economic health. The same also applies to lowering interest rates.

Despite the Federal Reserve’s insistence that increasing interest rates is going to lower inflation, real-world evidence continues to tell a different story.

Each time the central bank moves up interest rates, this means Americans with mortgages, credit card balances, car loans, or other borrowed funds have to pay more money. This makes it harder for people to achieve debt-free status or reach other coveted financial milestones.

Time will ultimately reveal whether or not most Americans’ predictions about their income prove to be accurate.