A single paycheck simply is not sufficient. The variety of Individuals with two or extra jobs has reached its highest level because the U.S. Bureau of Labor Statistics (BLS) started monitoring the quantity in 1994.
A record-high 8.9 million individuals within the U.S. reported working a number of jobs in February, per BLS’ latest jobs report launched final week. That quantities to five.4% of all employed staff, a share final seen in the course of the Great Recession in April 2009.
Some sources place the quantity even larger. In keeping with a Bankrate survey, greater than one-third third of U.S. adults have a second job, whereas Aspect Hustle Nation stories that 39% of working Americans have a aspect gig.
Associated: Nearly 50% of Parents Now Have Side Hustles, According to a New Survey
In keeping with information revealed by the St. Louis Fed earlier this month, Individuals with a couple of job common 35 hours per week at their major job and 13.5 hours at a number of extra jobs. Their common age is 42.5 years previous they usually make round $57,865 per yr in comparison with the $56,965 averaged by these with a single job.
Rising costs for hire, groceries, and different requirements might have led Individuals to hunt a number of revenue sources. The newest consumer price index report, launched earlier this week, confirmed that costs for meals, shelter, power, and different necessities rose 2.8% in February in comparison with the identical time final yr. Egg costs have been up 10% from January to February resulting from shortages associated to an avian flu outbreak, whereas power costs rose 0.2% month-over-month in February due to larger gas oil and pure gasoline costs.
Individuals are additionally taking up a number of jobs in response to a aggressive labor market the place extra individuals have school levels. The variety of school graduates has nearly doubled from 21.2% in 1994 to 37.7% in 2022. In keeping with the St. Louis Fed, in 1994, 31% of Individuals with a couple of job have been school graduates. Now half of these with a couple of job have graduated from school.
It is moreover simpler now to discover a second job working for a rideshare firm like Uber, which has more than seven million month-to-month drivers and couriers globally, per a September 2024 report. A lot of aspect hustles require little to no experience, similar to working as a digital assistant or web site tester.
Individuals may also pack in an additional job whereas working from house, with stories of some staff working two remote jobs concurrently. BLS data confirmed that about 35% of employed individuals did some or all of their work from home in 2023, up from 24% in 2019.
Nonetheless, working a couple of job can take a toll. Chanda Corkrean, 41, advised The Wall Street Journal that she works 40 hours per week from house for a medical provide distributor, making $45,000, and 20 to 25 hours in individual within the evenings at Pizza Hut for $12 an hour.
“I am drained,” she advised the outlet. “It is laborious to grownup between the 2 jobs.”
