Economists have been scratching their heads over how Americans can continue to prop up the economy with their spending despite high interest rates, persistent inflation, dwindling savings and rising debt.
There may be a simple answer: Jobs.
Payroll growth has been stunningly strong this year. Most people who land new jobs have been opening their wallets, with many making big lifestyle changes that include buying a new house or car, according to a recent survey by ZipRecruiter, a leading job site.
Fifty-seven percent of workers hired in the last six months ramped up their spending after they got a new position, according to the ZipRecruiter poll results, which were provided exclusively to USA TODAY. Thirty-four percent maintained their previous spending levels and 10% said they reduced their outlays.
The online survey, conducted in February and March, drew responses from 1,500 workers who started their jobs during the previous six months.
Many of those who ratchet up their purchases go big. Forty-four percent of the recent hires said they plan to upgrade their lifestyle by moving to a nicer neighborhood or larger home, buying a new house or car, or transferring their children to better schools, the survey shows.
While workers who stay in the same job and get raises also tend to spend more, those who snag new positions typically see bigger pay bumps. Of the surveyed workers who switched jobs, 70% received higher pay and half of that group notched double-digit wage gains.
