On September 5th 1882, roughly 10,000 workers paraded the streets of New York City triggering similar celebrations from other workers in other cities throughout the country. Later that year, President Grover Cleveland signed a bill declaring “Labor Day” as a federal holiday. The day is meant to commemorate the labor movement and its accomplishments. In the spirit of Labor Day, MineMR looks at the life of the average worker.
Since the Great Recession, where unemployment rates rose as high as 10%, the United States has seen economic growth as unemployment trickles down to 5% and overall employment increases by 2%. Still, despite these signs of economic recovery, Americans are working harder than ever. For most Americans, the average work week is 47 hours a week instead of the traditional 40. Typically, 40-hour weeks are defined as full-time work yet over 50% of Americans are working over 40 hours with 39% of Americans working 50+ hours a week.
Despite the American work-ethic, many Americans also worry about their retirement savings as only 15% of Americans are confident they will be able to retire in comfort. 47% of Americans are somewhat confident about their ability to retire and have major fears about their future. 51% of Americans worry they will out-live their savings, 47% worry Social Security will be reduced or discontinued, and 45% worry about getting a debilitating illness that would incur costs.
As many workers are enjoying a much-deserved break this Labor Day, remember to consider your financial future during this period of economic growth. Have a happy Labor Day to everyone, especially to those who work throughout the holiday!
Note: MineMR rounds at the nearest integer. All statistics have been rounded to the nearest integer accordingly.
