The History of Labor Day
The Beginnings of Labor Day
Labor Day has its roots in the labor movement, which is a large group of workers who work together to advocate for better working conditions. In 1882, two Central Labor Union officials met with President Chester Arthur to discuss the idea of creating a holiday for American workers. They wanted their day off to coincide with the end of summer—which would be in September—so that workers could enjoy their time off before returning to work for another grueling winter season. It was also important for them to have a national holiday because many states already had their own local holidays honoring workers' rights, but these didn't always fall on the same day across state lines.
The Founders of Labor Day
Who is considered the founder(s) of Labor Day? This is up for debate as there are various claims who are the actual founders of this holiday.
According to the Department of Labor:
"Some records show that in 1882, Peter J. McGuire, general secretary of the Brotherhood of Carpenters and Joiners and a co-founder of the American Federation of Labor, suggested setting aside a day for a "general holiday for the laboring classes" to honor those "who from rude nature have delved and carved all the grandeur we behold."
But Peter McGuire's place in Labor Day history has not gone unchallenged. Many believe that machinist Matthew Maguire, not Peter McGuire, founded the holiday.
Recent research seems to support the contention that Matthew Maguire, later the secretary of Local 344 of the International Association of Machinists in Paterson, New Jersey, proposed the holiday in 1882 while serving as secretary of the Central Labor Union in New York.
According to the New Jersey Historical Society, after President Cleveland signed the law creating a national Labor Day, the Paterson Morning Call published an opinion piece stating that "the souvenir pen should go to Alderman Matthew Maguire of this city, who is the undisputed author of Labor Day as a holiday." Both Maguire and McGuire attended the country’s first Labor Day parade in New York City that year."
Some claim that the holiday was established as part of the Pullman Strike of 1894. In 1893, George Pullman built a model town in Illinois for his employees to live in. The town included schools, shops, churches, and even houses filled with luxury items like pianos. However, when the depression hit in 1893 and Pullman's business began to suffer, he cut wages and reduced hours for his workers without discussing it with them first. This led to protests by the Pullman employees that eventually turned violent when they were repressed by police forces hired by George Pullman himself!
When was the First Labor Day?
Labor Day is a time to celebrate the hard work of everyday people. There are several different stories about where Labor Day came from?
The first Labor Day was celebrated on Tuesday, September 5th, 1882 in New York City. It was organized as a one-day national strike by workers across the country to protest against what they saw as unfair treatment by employers. The movement was led by Peter McGuire and Matthew Maguire, two men who were active in the Knights of Labor, which was an organization that fought for social justice and better working conditions for laborers.
A National Holiday
It wasn't until 1894 that President Grover Cleveland officially recognized Labor Day as an official holiday (although some states had already observed it). The national holiday is observed on the first Monday in September. Labor Day is not only viewed as a celebration of American workers but also the official end of summer. Many cities still celebrate Labor Day on its official founding date of September 5th
Labor Day Traditions
There are many Labor Day traditions celebrated by Americans. One of the most popular is barbecues. Many Americans will use Labor Day as a last chance to enjoy outdoor dining before winter sets in. Another tradition is attending parades and festivals in honor of Labor Day. These events often feature marching bands, floats, local politicians, and other festive activities that celebrate workers’ rights and achievements.
Labor Day and Your Financial Plan
As we wind down the summer season and begin the final push to the end of the year, there is not a better time to reflect back on 2022 and your financial goals. It is a good practice to do a quick check-in with yourself regarding your financial plan and how you are on target to meet your future goals. This year has been filled with market ups and downs--but this is not much different than most investing years. What is important is the realization that your plan has taken into account all sorts of scenarios that cannot be predicted but expected.
Have a wonderful Labor Day with family, friends and others. Celebrate the fruits of your hard work knowing that your financial plan has a purpose.