The rising cost of living in the United States is pushing more Americans to take on multiple jobs to make ends meet. Data from the U.S. Bureau of Labor Statistics reveals that the percentage of people holding more than one job climbed to 5.3% in July, up from 5.2% in June. This figure is significantly higher than the pandemic low of 4% in April 2020 and slightly above the average of 4.94% from 2010 through 2019, according to The Wall Street Journal.
The increase in people holding multiple jobs reflects the current state of the U.S. economy, which boasts a strong job market but is struggling with inflation that has driven up prices for a wide range of goods and services, including essential items like rent and insurance.
Christopher Taber, chairman of the economics department at the University of Wisconsin, Madison, suggests that the rise of the gig economy and the increasing prevalence of work-from-home jobs have made it easier for people to find second jobs with less commuting. While the labor market may soften in the coming months, Taber believes that the number of people holding two jobs will remain high due to the long-term trend of remote work.
Government data indicates that individuals who take on second jobs are more likely to be divorced or widowed. Many individuals interviewed about their experience shared that they balance their full-time job with a part-time job on nights or weekends.
The trend of Americans holding multiple jobs has been on the rise. In January, a report noted that 8.7 million Americans were balancing two jobs, a number that has been growing by hundreds of thousands per month. By August, some individuals were even managing multiple full-time jobs. Despite the challenges, these individuals find the financial security worth the effort.
Interestingly, this trend persists even as the U.S. economy shows signs of robust growth. The U.S. economy expanded by 3% in the second quarter, marking the eighth consecutive quarter of growth. However, the impact of inflation on the everyday lives of Americans is driving them to find creative ways to make ends meet.
