Wage to Wallet Index: Measuring the Labor Economy’s Impact on U.S. Financial and Economic Health

America’s economic engine runs on people who stock warehouses, move goods, serve meals, clean rooms, assist patients and staff retail counters. This is the Labor Economy, and it’s made up of roughly 60 million workers.

This project, a collaboration between PYMNTS Intelligence, WorkWhile and Ingo Payments, will detail the financial attitudes, behaviors and vulnerabilities of the Labor Economy and suggest some implications for the economy at large.

Study findings show that financial fragility runs deep, as low savings, high credit use and rising costs strain resilience. Workers are trading down and cutting back, with unstable income amplifying the pressure. Instant pay access emerges as a vital lifeline—most choose it when available, valuing the stability and relief it brings between pay cycles.

Why the Labor Economy Matters 

PYMNTS Intelligence estimates U.S. consumers will spend $11.5 trillion in 2025. Labor Economy workers account for 36.5% of all employees, but because they are concentrated in lower-income bands, they drive 15.1% of total spending, which is still more than $1.7 trillion of annual outlays. Small wage changes scale quickly at that base. A 1% wage change for this workforce implies roughly a $17 billion impact on GDP. Applying recent wage changes observed in the sample, annualized spending impacts ranged from a $20 billion increase to $30 billion to $40 billion decrease. The sensitivity is real. So are the stakes.