(5MinNewsBreak.com) – Amid economic strains and rising inflation, nearly 9 million Americans, more than ever, are now juggling two or more jobs just to make ends meet.
See the tweet below!
With wages lagging behind the cost of living, “side hustles” aren’t a choice but a necessity for today’s workforce.
According to the Bureau of Labor Statistics, a record 8.9 million Americans—about 5.4% of the workforce—are working multiple jobs.
This is the highest rate since the Great Recession.
Despite Federal Reserve Chair Jerome Powell’s assurances of a “solid and broadly in balance” labor market, the facts on the ground speak to underlying economic challenges.
Rising costs of essentials like groceries, rent, and credit card bills are leaving individuals with no option but to seek additional work.
It’s a startling trend: nearly half of these workers hold a college degree, shattering the illusion that higher education guarantees a stable, well-paying job.
The job market has evolved dramatically since 1994 when only 31% of those with multiple jobs had a degree. Flexible work arrangements and the gig economy are facilitating this rise in multiple jobholders.
“Julia Pollack, chief economist at ZipRecruiter, says flexible, remote work can lead to a side hustle opportunity,” reports San.com.
Many dual-job workers earn an average of $57,865, slightly higher than those with a single job. Yet the effort to maintain a middle-class lifestyle requires them to work significantly harder.
“If you’re going to try to have some semblance of a traditional life with kids, and a house and transportation, [it] takes a lot of money to do that,” says Carolyn McClanahan, a certified financial planner, cited by The Economic Times.
🚨The number of US multiple jobholders has NEVER been bigger:
Multiple jobholders hit a record 8.8 million in January.
As a share of employment, it has reached the highest since the Financial Crisis.
People are working multiple jobs to make ends meet.👇https://t.co/k2fg1IGUgV
— Global Markets Investor (@GlobalMktObserv) February 21, 2025
Earnings from a single job simply aren’t enough to cover all the expenses many Americans face today.
Adding complexity is the fact that while some sectors like health care and transportation saw job growth in February, federal government positions are declining.
Flexible, remote opportunities enable people to pursue side jobs like consulting that help fill the gap in their finances.
Yet, this necessity is primarily driven by an economy failing to keep pace with inflation, forcing people to rethink how they earn and allocate their resources.
As Americans face a “period of transition,” the questions arise: when will wages finally catch up to the cost of living, and how sustainable is this constant hustle?
Clearly, policy changes are needed to address these economic realities and restore balance to the lives of working Americans.
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