The new year probably won’t be the best time to ask for new raises, with economists and recent studies predicting widespread payroll cuts.

More than 7 million Americans will see the lowest pay increases in three decades, according to a December survey by Illinois-based Hewitt Associates. The average worker will receive on average a 3 percent increase in pay, down from 3.8 percent in a July survey. Salaried exempt employees will see an average increase of 2.5 percent.