More Americans work multiple jobs as costs rise

A record 8.9 million Americans held multiple jobs in February, the highest since tracking began in 1994, according to Friday’s job report.

The number is 5.4% of all employed workers, a level last seen in April 2009.

Why the increase?
Many Americans find that one paycheck isn’t enough. Inflation has pushed up the cost of groceries, rent and credit card bills, forcing more people to seek extra income. 

Even college graduates, including MBA holders, struggle to secure stable, well-paying jobs. The St. Louis Fed reports that college graduates now make up nearly 50% of multi-job workers, up from 31% in 1994.

The gig economy’s role
The rise of remote work and gig platforms like Uber and Fiverr allows full-time employees to take on side jobs. Some use second jobs to build savings, while others rely on them to cover essentials.

Despite Fed Chair Jerome Powell’s statement that the labor market is “solid,” many are worried about the economic uncertainty that looms under the Trump administration.