According to the US Department of Labor, a growing number of Americans are working multiple jobs just to make ends meet.
The latest job report showed that nearly 8.4 million people had multiple jobs in October.
That’s the highest number since the start of the pandemic, and women appear to be leading that trend. The federal data showed nearly 6% worked multiple jobs in October compared to 4.7% of men.
“Everything has gotten so expensive in the last couple of years. Our cost of living has almost tripled since 2020,” said Angela Mangapane, community resource coordinator for United Way Horry County in South Carolina.
Experts say people may be taking on additional jobs to offset high inflation, which has been easing but is still historically high.
Non-profits like the United Way said inflation is outpacing wage growth, and that’s making it harder for them to help families.
The good news? Economists say that despite these issues in the job market, layoffs are actually historically low right now.
Remote work also offers more flexibility and opportunities for workers to manage several jobs from home.
US employers added only 150,000 jobs last month, that’s the smallest gain since June, signaling the economy is slowing. It also signals that the Federal Reserve’s action to tame inflation may be working.
In September, consumer prices rose 3.7% from a year earlier, down drastically from a year-over-year peak of 9.1% in June 2022 but still well above the Fed’s 2% target level.