A disturbing trend has been that since the pandemic, more and more people have found it necessary to work multiple jobs just to get by. More recently, what was once called the “gig economy” or “side hustle” has become a necessity for most Americans struggling with rising living costs, lack of pay increases, and poor economic security. While inflation continues to outpace wage growth, the gig economy has become a lifeline of sorts to supplement income from primary sources.
According to a report CBS News, The US Labor Department’s jobs report showed that about 8.4 million people held multiple jobs in October 2023. This is the highest number since the start of the pandemic. Women appear to be leading the trend. Federal data showed that about six percent of people held multiple jobs in October, while the number was 4.7 percent for men. Experts say people may be taking on additional jobs to compensate for high inflation, which is easing but is still too high for some households. Nonprofit organizations such as the United Way said inflation is outpacing wage growth, and this is making it difficult for them to help families.
According to a report The Wall Street JournalJob growth slowed sharply in July 2024, and the national unemployment rate rose to its highest level since 2021. At the same time, the share of people holding more than one job rose from 5.2% in June to 5.3% in July. That’s a significant increase from the pandemic low of 4% in April 2020, according to data from the U.S. Bureau of Labor Statistics. From 2010 to 2019, the figure averaged 4.94%.
The return of multiple job holders reflects a mixed trend in the economy, in which the job market is still growing but the prices of a range of goods and services, and of essentials such as rent and insurance, have risen.
“One story is that people are short on cash, and they need extra hours, and the only way to get the extra hours is to work a short-term job,” Christopher Taber, chairman of the economics department at the University of Wisconsin, Madison, told the WSJ. “The other story is that it’s easier to work two jobs now than it was before.”
