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Forbes
24-03-2025
- Business
- Forbes
Why A Record 8.9 Million Americans Are Working Multiple Jobs
A graphic designer logs off from his full-time job at 5 p.m., takes a short break for dinner, then opens his laptop to begin several hours of freelance work designing logos for small businesses. This is the daily reality for many Americans who find that working one job is no longer enough to make ends meet. The U.S. Bureau of Labor Statistics recently reported that a staggering 8.9 million Americans now work multiple jobs. That's the highest number since the agency began tracking this metric in 1994. You might assume this trend primarily affects workers without college degrees, but the data tells a different story. According to an analysis from the Federal Reserve Bank of St. Louis, the percentage of people holding multiple jobs with a college degree has steadily increased to 50.2% in 2024, up from 45.1% in 2019. This phenomenon of "overemployment" is reshaping how Americans approach their careers and financial security. So why are so many employees, particularly those with college educations, taking on multiple jobs? The answer lies at the intersection of economic necessity and opportunity. Despite having full-time employment, many workers find a single paycheck insufficient to meet their financial needs. The latest consumer price index report showed that prices for essentials like food, shelter, and energy rose 2.8% in February compared to the previous year. The financial squeeze becomes evident when you factor in stagnant wages that haven't kept pace with inflation, particularly for housing costs. The job market has become increasingly competitive as more Americans obtain college degrees. The percentage of college graduates has nearly doubled from 21.2% in 1994 to 37.7% in 2022. This credential inflation means you're competing with more highly educated candidates for positions that may not offer the salary growth needed to keep pace with living expenses. Some employers are cutting back on hours, forcing workers to find additional income sources. The average workweek for all employees on private nonfarm payrolls was 34.1 hours in February, down from 34.3 in February 2024. ZipRecruiter's chief economist, Julia Pollak, notes, "If employers are seeing soft demand for labor and cutting hours, that's another reason why people are taking on additional jobs to fill the week and their bank accounts." The gig economy has significantly lowered the barriers to working multiple jobs. Platforms like Uber, Fiverr, and Airbnb have made side hustles widely accessible. Also, with the rise of remote work, commutes are no longer an issue, making it easier to juggle multiple jobs. This trend includes two main groups—those taking on extra work due to financial need and "side hustlers" aiming to speed up their financial goals or explore entrepreneurial interests. For both groups, digital platforms have revolutionized the ability to manage multiple income streams without the need for traditional employment arrangements. If you find yourself among the millions of Americans working multiple jobs, consider these approaches to maximize benefits while minimizing drawbacks: Federal Reserve data shows multiple jobholders earn only about $1,000 more annually than single-job workers ($57,865 vs. $56,965). Carefully calculate whether the added stress and time commitment justifies the modest financial benefit. If necessary, explore higher-paying options that maximize your return on time invested. Look for secondary employment that builds on your existing expertise or develops new skills relevant to your career goals. This approach can transform your second job from merely a source of income into a strategic career development opportunity. Establish firm time boundaries between your jobs to prevent burnout and maintain performance quality. For example, if you're a graphic designer, you can create separation by taking a break between your day job and evening freelance work. Not all side hustles offer equal returns on your time investment. Analyze your hourly earnings across different activities and focus on those that provide the best compensation for your effort. Consider whether upskilling might allow you to command higher rates for your additional work. While most multiple job situations involve active work, you can supplement with more passive income streams like dividend investments, rental property income, or digital product sales that generate revenue with less ongoing time commitment. The trend of Americans working multiple jobs shows no signs of slowing down. When you consider taking on additional work, weigh both the financial benefits and the personal costs. While multiple jobs may provide necessary income or valuable experience, the modest average financial gain suggests you should approach this decision strategically, with clear goals and boundaries. The question remains whether this trend represents a temporary phenomenon or a fundamental restructuring of how we'll approach employment in the decades to come.
Yahoo
22-03-2025
- Business
- Yahoo
With labor market 'on ice,' job-hopping has lost its luster
Job-hopping has lost its luster. The median pay increase for workers switching jobs sank substantially to 4.8% last month from a pinnacle of 7.7% two years ago, according to recently released data from the Atlanta Fed. While job changers tend to receive higher pay increases than job stayers, the gap between job stayers and those who switch roles has fizzled and is now at its lowest level in a decade. A worker who stayed put and received an annual raise saw nearly the same bump in pay — 4.6%, the Atlanta Fed found. 'The pendulum is swinging back from the pandemic premium for new hires,' Julia Pollak, chief economist at employment search site ZipRecruiter, told Yahoo Finance. 'The gap between wage growth for job switchers and job stayers ballooned to the widest gap on record during the Great Resignation,' she said. 'Companies rushed to rehire after the pandemic, and the No. 1 focus was on hiring incentives — signing bonuses and raising starting pay.' The problem is that many companies felt burned by offering huge salaries and bonuses to people who stayed only a short while and then left for better opportunities. Now the focus is on longer-term retention incentives such as retirement and health insurance benefits that make workers want to stay, Pollak said. Federal job cuts and layoffs by large companies are contributing to a chilly job market overall, flashing the warning signs that the golden era for job seekers has ground to a halt. A recent Harris Poll found that 7 in 10 Americans think it's difficult to find a better position than the one they have now — and three-quarters say employers hold the power in the market. 'Hiring is so weak and unemployment durations are growing,' Pollak said. 'Employers are opportunistically able to pick up great talents on the cheap.' Talk about glum. A record-low 13% of job seekers described their search as going well, per the findings in a new ZipRecruiter report. Gloomier still — more than 6 in 10 job seekers reported zero job offers, the highest level in three years. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy In 2022, wage growth contributed to people quitting their jobs for higher-paying options, Allison Shrivastava, an economist at the Indeed Hiring Lab, told Yahoo Finance. 'At that time, finding a new job was easy for most, and companies had to compete to hire workers. Now, that competition has greatly decreased,' she said. 'This shift … has made leaving their current job for a new one less attractive.' The data backs that up. Workers are staying in their current jobs, as seen with the low quits rate tracked by the Bureau of Labor Statistics — 2.1% or 3 million people quit in January. 'The labor market is on ice,' Shrivastava said. Another more recent cause of that cooling is the result of mixed messages about where things are going. 'Confusion and uncertainty (are) causing workers and companies to hold onto jobs and workers, while at the same time holding off on expanding their labor force,' she said. 'This freezing can only last so long until the market gets frostbite, leading to an increase in layoffs or a further slowdown in hiring or quitting.' On a brighter note: It could also be that some people were able to find roles that were a better fit for them in 2022 when job switching was commonplace, and they are happy where they are, Shrivastava said. 'Either way, it's clear that people are going to be staying in their current jobs for longer.' One caveat that can impact those lower starting salary figures: When people change fields, they tend to take a pay cut initially. And plenty of folks have been doing just that. During the pandemic many workers had time to do some soul-searching about what they really wanted to do, and the number of those transitioning to new careers has risen. 'Only about 30% of job seekers say they want to switch industries, but more than 50% of recently hired workers got their jobs in a new industry,' Pollak told me.'That suggests that workers who keep an open mind, expand their search, invest in new skills, and follow opportunity are disproportionately successful.'Whether you're a career switcher or simply a job shifter, it's not always about the money. 'Many job jumpers leave not just for money,' Jayne Mattson, a career coach, told me. 'They leave companies because they aren't getting any professional development or growth, or they found employment during COVID and it is not the right role and they want to find a better fit.' Mattson's advice for job seekers: Before you start your search, think of what you want in your next role and what it looks like. 'When people are leaving their job, I always ask, 'What do you hope to get in your next role that you are not getting now?' If they're not clear of what they want to do, what their values and interests are, how will they know if they get an offer that is the right one?' Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including "In Control at 50+: How to Succeed in the New World of Work" and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter Sign in to access your portfolio
The Hill
18-03-2025
- Business
- The Hill
Record number of Americans working more than one job
(NewsNation) — At least 5 percent of the American workforce has a second job, according to the Bureau of Labor Statistics (BLS). In a release earlier this month, the BLS reported that a record high of approximately 8.9 million Americans stated they work multiple jobs. That is the highest rate since the Great Recession in April 2009. A March report from the Federal Bank of St. Louis revealed that 50.2 percent of multiple job holders in 2024 had a college degree, which is a 9.1 percent increase from 2019. '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,' Carolyn McClanahan, certified financial planner, told CNBC. 'If employers are seeing soft demand for labor and cutting hours, that's another reason why people are taking on additional jobs to fill the week and to fill their bank accounts,' Julia Pollak, chief economist at ZipRecruiter, told the outlet. The data comes less than a year after a July 2024 Bankrate survey showed that the share of people with side hustles dropped from 2023 — with 36 percent of adults reporting a second job compared to 39 percent the year before. But, even as inflation seemingly cools, 32 percent of those with a second gig say they believe extra work will always be needed to make ends meet, according to the poll.
Yahoo
17-03-2025
- Business
- Yahoo
Record number of Americans working more than one job
(NewsNation) — At least 5% of the American workforce has a second job, according to the Bureau of Labor Statistics. In a release earlier this month, the BLS reported that a record high of approximately 8.9 million Americans stated they work multiple jobs. That is the highest rate since the Great Recession in April 2009. A March report from the Federal Bank of St. Louis revealed that 50.2% of multiple job holders in 2024 had a college degree, which is a 9.1% increase from 2019. St. Patrick's Day freebies, deals and coupons '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,' Carolyn McClanahan, certified financial planner, told CNBC. 'If employers are seeing soft demand for labor and cutting hours, that's another reason why people are taking on additional jobs to fill the week and to fill their bank accounts,' Julia Pollak, chief economist at ZipRecruiter, told the outlet. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
11-03-2025
- Business
- Yahoo
Weekly work hours decline is 'very concerning' for labor market
The Bureau of Labor Statistics' January Job Openings and Labor Turnover Survey (JOLTS) reported the US labor market showed resilience, with open jobs reaching 7.7 million — signaling stability despite challenges. However, uncertainty remains a major factor affecting employment trends. ZipRecruiter chief economist Julia Pollak joins Wealth host Brad Smith to discuss the impact of layoffs and hiring freezes on the job market. "Hiring is very stable and steady in the United States at the moment, in that healthcare is the one place where hiring is much faster than before the pandemic," Pollak says. She also points out that "policy uncertainty has been added to the mix," such as inflation and interest rate concerns, which have become key issues for the labor market. Pollak adds, "The weekly hours number [of 34.1], though, is very concerning because it suggests that companies aren't yet cutting jobs, but they're cutting hours," which has led to an increase in part-time workers and multiple job holders — the latter now at the highest numbers since 2009. To watch more expert insights and analysis on the latest market action, check out more Wealth here. This post was written by Josh Lynch Sign in to access your portfolio
