Contributed by: Kelsey Arvai, CFP®, MBA
We celebrate Labor Day to recognize the contribution and achievements of American workers. It unofficially marks the end of summer and is traditionally observed on the first Monday in September.
The history of Labor Day is somewhat grim. At the height of the Industrial Revolution, in the late 1800s, the average American worked 12-hour days and seven days a week to scrape together a decent living. To emphasize the dire working and living conditions, children as young as five or six worked in mills, factories, and mines across the country.
Most workers faced unsafe working conditions with insufficient access to fresh air, sanitary facilities, and break time. Because of this, labor unions first appeared in the late 18th century. Workers began organizing strikes and rallies to protest poor conditions and compel employers to renegotiate hours and pay. On September 5, 1882, 10,000 workers took unpaid time off to march from City Hall to Union Square in New York City, holding the first Labor Day parade in US history.
The “workingmen’s holiday” caught on in other industrial cities, and many states passed legislation recognizing it. Congress legalized the holiday 12 years after workers in Chicago went on strike to protest wage cuts and the firing of union representatives.
We can thank our labor leaders for the fact that we get to enjoy weekends off, a 40-hour work week, sick days, and paid time off. Thousands of Americans have marched, protested, and participated in strikes to create fairer, more equitable labor laws and workplaces – and still do today. So kick back, relax, and enjoy your long weekend!
Kelsey Arvai, CFP®, MBA is an Associate Financial Planner at Center for Financial Planning, Inc.® She facilitates back office functions for clients.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Kelsey Arvai, MBA, CFP® and not necessarily those of Raymond James.