Your Side Hustle Is Another Sign of a Tight US Job Market
- Date Posted:
- Is Database:
- Database
After plunging during the pandemic, the number of Americans working a second job is climbing with 5% of workers now working two jobs. @markets
After plunging during the pandemic, the number of Americans working a second job is climbing with 5% of workers now working two jobs.
Description automatically generated Molly Smith, “Your Side Hustle Is Another Sign of a Tight US Job Market,” Bloomberg, February 21, 2023, https://www.bloomberg.com/news/articles/2023-02-21/working-side-jobs-is-another-sign-of-the-tight-us-labor-market?sref=U3dOGIDF
Your Side Hustle Is Another Sign of a Tight US Job Market Chart
Description automatically generated More Americans are getting a second job, and it isn’t necessarily a sign of financial hardship.
In a country where there are still almost two open positions for every person who wants one, many are taking on side hustles to make the most of flexible working arrangements, earn some extra cash or pursue their passions.
“Public perception is that people take on multiple jobs when the economy is bad because they’re not earning enough in their job,” said Julia Pollak, chief economist at jobs website ZipRecruiter Inc. The reverse is often true, she said. “People take on additional jobs when there are additional jobs to be had.”
The number of multiple jobholders spiked at the end of last year to more than 8 million, with the share reaching 5% of all employed for the first time since the start of pandemic, according to US Labor Department data.
The burden of inflation has forced many households to collect additional paychecks to make ends meet. But the increase in people working two or more jobs by itself isn’t a recessionary signal.
The number of multiple jobholders declined ahead of and during each of the last three recessions since 2001. And the prevalence of workers with several jobs is more common among those with a higher level of education, according to a 2015 study from the Bureau of Labor Statistics, suggesting it’s more a matter of opportunity than financial necessity.
With the rise of remote and flexible work making it easier to juggle several jobs, government data might be underestimating the extent of the gig economy. In their latest work-from-home survey, economists including Stanford University’s Nicholas Bloom found that nearly 10% of workers reported having a main job plus at least one other position.