Last Updated Jul 5, 2011 8:22 AM EDT
So whether the figure is 35 or 23 percent, C-suite compensation definitely soared by double digits. How is the rest of America doing? If you were looking for feel good news, stop reading now. Twice a month the American Pulse survey asks 5,000 Americans about their financial fortunes. When the pollsters hit the phones in early June they didn't hear much optimism. Commodity prices may be surging (OK, here's a more serious link on the subject) but Americans in general, unlike top executives, are not set to see pay rises to compensate.
A whopping nine out of ten of those with jobs don't expect a raise next year.
So how are squeezed consumers handling a simultaneous stasis in pay and increase in expenditures? By economizing, of course. Respondents told American Pulse they were,
- Only buying necessities: 70. percent
- Driving less: 63.4 percent
- Spending less on clothing: 58.9 percent
- Comparison shopping: 53.1 percent
- Sticking to a strict budget: 50 percent
- Buying more store brand/generic products: 49.9 percent
- Spending less on groceries: 42 percent
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