Ironsides Macroeconomics managing partner Barry Knapp provides insight into the job market amid inflation.
Americans will celebrate Labor Day this year on Monday, Sept. 5, 2022.
The federal holiday, which is observed on the first Monday of September each year, was established in 1894 by President Grover Cleveland.
Yet the day dates back 140 years and was celebrated in New York City in accordance with the Central Labor Union, according to the U.S. Department of Labor.
In the late 1800s, American laborers worked for 12 hours per day on average in poor conditions, which led to protests and the formation of labor unions, according to History.com.
LABOR DAY MEANING: A BRIEF HISTORY OF THE HOLIDAY AND WHY WE CELEBRATE
Contemporary celebrations for Labor Day include enjoying some rest and relaxation, going on vacation and attending social gatherings.
Here’s a look at 10 number-based facts about Labor Day.
Labor Day is a federal holiday that honors and recognizes the American labor movement of the 19th century. (iStock)
1882 – The first Labor Day holiday observed in the U.S. was on Sept. 5, 1882, according to the Department of Labor.
113.9M – The U.S. Census Bureau’s American Community Survey from 2019 — the year the bureau last updated its survey — estimated that there were 113.9 million full-time year-round civilian workers who were age 16 and older.
3.5% – In July 2022, the American unemployment rate was 3.5%, which was equivalent to about 5.7 million unemployed Americans, according to the Bureau of Labor Statistics.
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$67,521 – The median household income for an American family in 2020 was $67,521, according to the Census Bureau.
Labor Day became a federal holiday in 1894. (iStock)
14M – The Bureau of Labor Statistics published a “Union Members Summary” in January 2022, which analyzed workforce data from the previous year.
The bureau said the U.S. had 14 million labor union members in 2021.
7.5M – Approximately 7.5 million of those union members were men, according to the bureau.
LABOR DAY WEEKEND: 2021 COCKTAIL TRENDS
45 to 54 – Labor union membership is highest among Americans who are between the ages of 45 and 54. This demographic had a membership rate of 13.1% in 2021.
Meanwhile, Americans between the ages of 16 and 24 had the lowest union membership rate that year, which was 4.2%.
Some Americans use Labor Day as a time to travel and be with family. (iStock / iStock)
768M – The U.S. Travel Association reported that American workers failed to use 768 million vacation days in 2018.
137M – Some 137 million Americans will travel over Labor Day weekend this year, according to The Vacationer, a travel news website.
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$3.931 – As of Thursday, Aug. 18, the national average cost of a regular gallon of gas was nearly $4 ($3.931), according to data published by AAA.
