Despite the slowing labor market, the number of people with more than one job has increased.
In the post-pandemic era, the United States has seen a troubling trend: An increasing number of people are forced to work multiple jobs to make ends meet. In recent times, 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 raises, and poor economic security. As inflation consistently outpaces wage growth, the gig economy has become a lifeline of sorts to supplement primary income.
According to a report by CBS News, The U.S. Department of Labor’s jobs report showed that nearly 8.4 million people held multiple jobs in October 2023, the highest number since the start of the pandemic. Women appear to be leading that trend. The federal data showed that nearly 6 percent held multiple jobs in October, compared with 4.7 percent of men. Experts say people may be taking on extra jobs to offset high inflation, which is slowing but still painfully high for some households. Nonprofits like the United Way said inflation is outpacing wage growth, making it harder for them to help families.
According to a report by The Wall Street JournalJob 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 with more than one job rose to 5.3% in July from 5.2% in June. That’s a significant increase from a pandemic low of 4% in April 2020, according to data from the U.S. Bureau of Labor Statistics. The rate averaged 4.94% from 2010 through 2019.
The return of multi-jobbers is a reflection of the mixed currents in an economy that still boasts a growing labor market but also comes with higher prices for a wide range of goods and services and basic necessities such as rent and insurance.
“One story is that people are strapped for cash and need extra hours, and the only way to get extra hours is to take a temporary job,” Christopher Taber, chair of the economics department at the University of Wisconsin, Madison, told the WSJ. “Another story is that it's easier to work two jobs now than it used to be.”
