Yahoo Finance Live anchors discuss the rise in hourly rates for babysitters.
JULIE HYMAN: Babysitting blues. Sitter rates rising in more cities, New York being the exception, allegedly, according to a new report from Axios. But we're talking about a 10% increase in hourly babysitting rates, according to Urban Sitter, which is what Axios is citing for this report. There was an 11% increase from '21 to '22, or the year before. So in other words, the past two years, we have seen the increase in babysitting rates outpace inflation.
BRIAN SOZZI: Yeah, I'd babysit your kids during the week for $25 an hour. I'd do that for you.
JULIE HYMAN: I mean, I personally--
BRIAN SOZZI: I'm here to help-- Uncle Sozz.
JULIE HYMAN: --am not paying 25 an hour, but it's-- the rates have been creeping up--
BRIAN SOZZI: Uncle Sozz is here to help.
JULIE HYMAN: --a lot--
BRIAN SOZZI: Yeah, I'm ready to rock.
JULIE HYMAN: --over the past few years. Yeah, I think that that would be wiped out by the gas it would take you in your gas guzzling vehicle to drive from--
BRIAN SOZZI: All right.
JULIE HYMAN: --Long Island to New Jersey.
BRIAN SOZZI: $40 an hour in the future. $40.
JULIE HYMAN: I'm pretty sure.
BRAD SMITH: Wow.
JULIE HYMAN: Eh. My kids are getting old enough to take care of themselves, Sozz. Sorry. What about you, Brad? You want to trek out to New Jersey while--
BRAD SMITH: Oh, I'm hopping on the subway, so yeah. I mean, that's cool, yeah.
JULIE HYMAN: Yeah, so for him, it's, what-- I don't know-- New Jersey Transit, $14 round trip. Yeah, you'd still come out on top.
BRAD SMITH: Yeah, yep. I would hope so. I got to watch those P&Ls real quick.
JULIE HYMAN: I did not expect this to be the outcome of that "Cut for Time," that I would get two new babysitters--
BRIAN SOZZI: Bottom line-- we're going to help you, Julie. We're going to help you.
JULIE HYMAN: I appreciate that, guys. I really do-- as you help me every day, and we help each other. There's a lot of love on this set.