Americans Are Juggling Multiple Jobs Over 60 Hours Every Week To Pay Their Bills Despite Unemployment Rates Trending Upwards

As the cost of living continues to rise in the U.S., an increasing number of Americans are taking on multiple jobs to make ends meet.

What Happened: Individuals are finding it necessary to supplement their income with additional work, some spending almost 60 hours every week working, including weekends. U.S. Bureau of Labor Statistics data reveals that the percentage of people holding more than one job rose to 5.3% in July, up from 5.2% in June.

This figure is significantly higher than the pandemic low of 4% in April 2020, and slightly above the average of 4.94% from 2010 through 2019, The Wall Street Journal reported on Friday.

The rise in multiple-job holders reflects the mixed currents in an economy that still boasts a growing job market, but is also grappling with higher prices across a broad variety of goods and services, including essentials like rent and insurance.

Christopher Taber, chairman of the economics department at the University of Wisconsin, Madison, suggests that the emergence of the gig economy and the expansion of work-from-home jobs have made it easier for people to find second jobs with less commuting, according to the report.

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Despite the potential softening of the labor market in the months ahead, Taber believes that the number of people holding two jobs might remain high due to the long-term trend of working from home.

Government data shows that individuals who take on second jobs are more likely to be divorced or widowed. In interviews, many second-job holders revealed that they balance a full-time job with a second part-time gig on nights or weekends.

Why It Matters: The trend of Americans holding multiple jobs has been on the rise. In January, a report noted that 8.7 million Americans were balancing two jobs, a number that has been growing by hundreds of thousands per month.

By August, some individuals were even managing multiple full-time jobs. Despite the challenges, these individuals found the financial security worth the effort.

Interestingly, this trend persists even as the U.S. economy shows signs of robust growth. The U.S. economy expanded by 3% in the second quarter, marking the eighth consecutive quarter of growth.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari