In today’s economy, one job is no longer enough for many Americans.
Recent job data shows a significant rise in the number of people holding multiple jobs — reaching a record high of 8.9 million in February, according to the latest job report.
This equates to 5.4% of all employed workers, a rate not seen since April 2009 during the aftermath of the Great Recession.
Why the Surge in Multiple Jobholders?
Several factors are contributing to this increase. First and foremost, inflation has made it increasingly difficult for many to make ends meet on a single paycheck. The rising costs of everyday essentials like groceries, rent, and credit card bills have pushed many individuals to take on additional work to cover expenses.
Additionally, the job market has transformed. College degrees, even advanced ones like MBAs, no longer guarantee a stable, well-paying job.
As a result, many graduates find themselves juggling multiple positions just to sustain their livelihoods.
According to the St. Louis Federal Reserve, college graduates now represent nearly half of the multi-job workforce, a significant increase from around 31% in 1994.
The Rise of the Side Hustle
Alongside individuals who need extra jobs to meet financial demands, there’s also a growing number of “side hustlers” who are capitalizing on the gig economy.
Remote work, flexible schedules, and the expansion of gig platforms have made it easier for people to take on second jobs, often working evenings or weekends. These platforms allow full-time workers to supplement their income without committing to another traditional job.
Concerns Over the Labor Market
Although Federal Reserve Chair Jerome Powell recently described the labor market as “solid and broadly in balance,” the record number of people working multiple jobs raises concerns.
With fears of a potential recession and President Trump forecasting a “period of transition” in reshaping the economy, many worry that the surge in multi-jobholders could indicate deeper instability in the labor market.
As more workers are forced to stretch themselves thin to maintain financial stability, the long-term implications for the workforce and the broader economy remain to be seen.
