2024 KPMG report shows US child care costs rose 263% since 1990, outpacing inflation, exacerbating the childcare crisis and affecting women's workforce participation.
A KPMG report reveals that the cost of child care in the U.S. is rising at nearly double the pace of overall inflation, with day care and preschool costs increasing by 263% between 1990 and April 2024, compared to the consumer price index's 133% rise in the same time frame. The childcare crisis, exacerbated by the pandemic, has emerged as a critical issue, with women disproportionately affected and many staying on the sidelines of the workforce due to child care responsibilities, leading to low labor force participation rates for women with children under 6 years old. The Federal Reserve also found that parents in the U.S. pay a median of $800 per month for child care.
May 31, 2024
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