As the holiday season approaches, more and more Americans who work full-time are taking on additional part-time jobs to make ends meet. The October jobs report from the Labor Department showed that the number of people working at least two jobs has increased by 6% from the previous year, reaching a total of 4.5 million. Despite the historically strong job market, with unemployment hovering around 3.7%, inflation is outpacing wage gains, leading many full-time workers to consider taking on extra work for the first time.
According to a recent survey by Workhuman, nearly half of all employees in the United States have taken on a side hustle in addition to their full-time job in recent months. The survey found that 43.9% of respondents cited the potential for an economic downturn as a factor in their decision to take on additional work, while 8.13% said they were doing so as a safety net in case they were laid off. About 62% of those surveyed said they were concerned about their job security. However, high worker demand and under-staffing in some industries were cited as reasons that some employees were feeling more secure in their current positions.
Americans are working longer hours for less pay
This trend reflects the ongoing struggles that many American workers face in trying to make ends meet in an economy that is not always kind to them. While the job market may be strong overall, the high cost of living and other economic challenges can make it difficult for people to get by on just one income. Taking on additional part-time work can help to alleviate some of this financial pressure, but it can also be stressful and demanding, especially during the busy holiday season. It is important for policymakers and employers to consider ways to help workers cope with these challenges and to support them in their efforts to earn a decent living.
Americans are attempting to earn additional income outside of their regular full-time job at a rate that we’ve never seen before. This can take many forms, such as starting a small business, providing a service, or doing freelance work in a field that they are interested in or have expertise in. “Side hustles” used to be pursued by people who want to make extra money, explore a new career path, or pursue a passion outside of their day-to-day job. But over the past few years, the uptick in people with “side hustles” has coorelated positively with inflation.
