Despite a slowing job market, the share of people with more than one job has grown.
In the post-pandemic era, the United States has witnessed a disturbing trend: an increasing number of people are forced to take multiple jobs to make ends meet. Of late, what was once referred to as the “gig economy” or “side hustle” has turned necessary for most Americans who struggle through the rising cost of living, lack of wage increases, and poor economic security. Whereas inflation is consistently beating wage growth, the gig economy has become a sort of lifeline to supplement income derived from a primary source.
According to a report by CBS News, the jobs report from the US Department of Labour showed nearly 8.4 million people had multiple jobs in October, 2023. That’s the highest number since the start of the pandemic. Women appear to be leading that trend. The federal data showed nearly six percent worked multiple jobs in October compared to 4.7 percent of men. Experts say people may be taking on additional jobs to offset high inflation, which has been easing but is still painfully high for some households. Non-profits like the United Way said inflation is outpacing wage growth, and that’s making it harder for them to help families..
According to a report by The Wall Street Journal, job growth slowed sharply in July, 2024, with the national unemployment rate rising to its highest level since 2021. At the same time, the share of people holding more than one job ticked up to 5.3% in July from 5.2% in June. That is a significant increase from a pandemic low of 4% in April 2020, according to US Bureau of Labour Statistics data. The figure averaged 4.94% from 2010 through 2019.
The comeback of multiple-job holders speaks to some of the mixed currents in an economy that still boasts a growing job market but has come with higher prices on a broad variety of goods and services and essentials like rent and insurance.
“One story is that people are short of cash, and they need extra hours, and the only way to pick up extra hours is by picking up a short-term job,” Christopher Taber, chairman of the economics department at the University of Wisconsin, Madison, told WSJ. “Another story is that it’s easier to work two jobs now than it was before.”
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