As living costs soar, Americans are increasingly juggling multiple jobs to stay afloat.

  • Rising living costs are pushing more Americans to take on multiple jobs.
  • The percentage of people holding more than one job increased to 5.3% in July.
  • The gig economy and remote work options are making it easier to juggle multiple jobs.
  • Many second-job holders are in precarious employment situations, often balancing family responsibilities.
  • The trend of working multiple jobs may continue even if the labor market softens.

In today’s economy, many Americans are finding it necessary to hold down more than one job to make ends meet. Take Sam Lalevee, for example. After his rent increased from $800 to $1,000 a month, he took on a second job at a comedy club, working around 60 hours a week and earning approximately $45,000 annually. This trend is reflected in national statistics, which show that the percentage of people with multiple jobs rose to 5.3% in July, up from a pandemic low of 4% in April 2020. nnExperts suggest that this increase is driven by rising living costs and the availability of gig economy jobs, which allow for more flexible work arrangements. Christopher Taber, an economics professor, notes that while job growth has slowed, the number of people holding two jobs may remain high due to the ease of finding additional work, especially with the rise of remote jobs. nnMany individuals taking on second jobs are often in challenging financial situations. For instance, Chanda Corkrean, a 41-year-old divorcée, works full-time from home and also takes shifts at Pizza Hut to support her family. Similarly, Naomi Harris, a 22-year-old labor activist, balances her work as a substitute teacher with a part-time job at a senior-living facility. nnThe Wilson family, who faced significant medical expenses, also exemplifies this trend. After accumulating $30,000 in credit card debt, Rick Wilson took a second job at an ax-throwing bar to help pay off their debts. nnAs the economy continues to evolve, the trend of multiple jobholders may persist, highlighting the ongoing challenges many face in achieving financial stability.·

Image Credits: no
Factuality Level: 7
Factuality Justification: The article provides a detailed account of individuals working multiple jobs due to economic pressures, supported by statistics and expert opinions. However, it includes some anecdotal evidence that may not represent the broader population, and there are moments of redundancy in personal stories that could detract from the overall clarity.·
Noise Level: 7
Noise Justification: The article provides a detailed account of individuals juggling multiple jobs due to economic pressures, supported by data and expert opinions. It highlights the consequences of rising living costs and the gig economy, offering insights into the struggles of these workers. However, while it presents personal stories and statistics, it could benefit from a deeper analysis of systemic issues and potential solutions.·
Public Companies: Trader Joe’s (N/A), Pizza Hut (N/A), Mayo Clinic (N/A), Throwing Post (N/A)
Key People: Sam Lalevee (Call Center Worker), Christopher Taber (Chairman of the Economics Department at the University of Wisconsin, Madison), Emma Harrington (Assistant Professor of Economics at the University of Virginia), Chanda Corkrean (Medical-Supply Distributor Employee), Naomi Harris (Substitute Teacher and Labor Activist), Rick Wilson (Draftsman and Manager at Throwing Post), Becky Wilson (Hospital Administration Employee)

Financial Relevance: Yes
Financial Markets Impacted: The article discusses the impact of rising rent prices and job market dynamics on individuals’ financial situations, which can influence consumer spending and economic trends.
Financial Rating Justification: The article highlights the challenges faced by individuals in the current economy, including rising costs of living and the need for multiple jobs, which are critical financial topics affecting both personal finances and broader economic conditions.·
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: The article discusses the challenges faced by individuals in the workforce, particularly regarding job holding and economic pressures, but does not mention any extreme event that occurred in the last 48 hours.·
Move Size: No market move size mentioned.
Sector: All
Direction: Down
Magnitude: Medium
Affected Instruments: No

Reported publicly: www.wsj.com