- The United States government recently released new employment numbers for the country. The data shows that nearly 9 million Americans are now working more than one job.
- Reasons for taking on the second job vary, including trying to get better professional opportunities or just trying to make ends meet, keeping up with the rising cost of living in the U.S.
- Health care and warehouse work are a couple of areas that are hiring, while federal government work is declining.
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More Americans are now working a second job for a variety of reasons. New data from the Bureau of Labor Statistics shows the increase, as well as recent employment numbers and trends.
The BLS reported that nearly 9 million Americans indicated that they are working multiple jobs. It’s the highest rate, 5.4%, since the Great Recession between 2007 and 2009.
What caused the increase?
The trend is known as “overemployment,” and experts say there are a couple of reasons that this may have happened.
Some workers take second jobs to try to advance their careers through pursuing other opportunities. Others are just hoping to make ends meet due to inflation, stagnant wages and economic factors.
What type of salaries are workers making?
CNBC reports that Americans with these extra jobs had an average income of $57,865 a year, which is only slightly higher than Americans who hold down one job at $56,965.
Julia Pollack, chief economist at ZipRecruiter, says flexible, remote work can lead to a side hustle opportunity. She gave the example of somebody who works in a leadership and management role, who can also get paid for speaking engagements and consulting work.
However, financial experts also say wages have not kept up with inflation, including expenses like housing and transportation. The founder of Life Planning Partners in Jacksonville, Florida, Carolyn McClanahan, says people have to work harder to make ends meet. She adds it takes a lot of money to have a transitional life, including children, a house and adequate transportation.
What type of job fields are hiring?
According to the Bureau of Labor Statistics, total employment, not including farming, rose in February by 151,000. Employment trended up in the health care, financial, transportation, warehouse and social assistance sectors.
Federal government employment is declining.