On Wednesday, Bloomberg reported that the numbers of Americans with declining incomes has skyrocketed in recent weeks, as signs indicating the labor market is weakening have grown.

The outlet noted that last month the proportion of households experiencing a drop in their incomes increased from 10.7% in August to 11.8% in September, according to a survey of the US labor market performed by Morning Intelligence, a data intelligence company. High and middle-income families were the primary drivers of the trend, which was more prominent in the Western regions of the United States.

Of the adults polled in the survey, about 20% of those who earn $100,000 or more per year said they expected to see their incomes fall in the next four weeks.

The percentage of workers who reported working more than 35 hours per week dropped to 46.7%, marking a 12% drop from September of 2022. The measure dropped to the lowest level since spring of 2021, indicating a contraction in business activity in the US. Soft business conditions was the most sited reason raised by respondents.

The survey data came as it was revealed that US inflation-adjusted household incomes dropped by the largest amount in ten years in 2022, due to the higher cost of living as inflation drove prices higher and pandemic-era aid programs from the government expired.

Additionally the US Census bureau released income and poverty data last month which revealed the extent to which the nation’s economic conditions were affected by the pandemic and the government actions taken in response to it. After pandemic-era tax credits expired last year, as inflation soared to the highest levels seen in 40 years, household spending power fell and the level of child poverty soared.