(WWLP) – With no break in sight for rising prices, nearly two-thirds of all Americans are living paycheck to paycheck.
According to a LendingClub report from a CNBC article, as of June, roughly 157 million adults say they are struggling to afford their monthly expenses. That’s up from 58 percent since May and 55 percent from a year ago.
Although average hourly earnings are up 5 percent since last year, prices have been rising even faster, especially for groceries and gas.
Reports show that even top earners have been struggling to make ends meet. The Federal Reserve hiked its target federal funds rate in an effort to calm inflation and has indicated even more increases are coming until inflation shows clear signs of a pullback.