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Americans Are Getting Second Jobs As Inflation Rates Get Higher
As inflation rates skyrocket, Americans are pushing to get a side hustle in order to keep up with the holiday season.
It was reported on Friday that approximately 263,000 jobs became available in November. Even though the economy is at risk of a recession, employers are making room for new hires.
An overlooked data point within the report, however, showed an increased urge in the number of people holding full-time jobs: The number of Americans with a side gig jumped by 165,000 over the previous month. That is the largest increase since June and well above the 60,000 monthly average over the past six months, according to Bill Adams, Comerica Bank chief economist.
Employers Are Hiring Part-Time Work
“An increase in part-time work as more people take on side hustles to make ends meet buoyed the headline payrolls number in November,” Adams said.
The trend is also exemplified in the Federal Reserve’s region-by-region roundup of anecdotal information known as the Beige Book, which showed an uptick in Americans relying on a second job to make ends meet.
“Nonprofit service providers noted an uptick in the number of clients relying on side gigs to make ends meet or as pathways to financial self-sufficiency,” the Atlanta Fed said in its portion of the survey.
Americans Are Dipping Into Savings
The growing likelihood of Americans holding more than one job comes as they confront stubbornly high inflation that has rapidly eroded individuals’ purchasing power.
Americans are increasingly relying on their savings and racking up credit card debt in order to pay for necessities. The personal savings rate tumbled in October to 2.3%, the lowest in 17 years, the Commerce Department reported last week. On top of that, household debt rose during the third quarter at the fastest clip since 2008, with credit card balances jumping by 15%, Fed data showed.
“Relying on savings and inventories won’t bolster spending for too long,” said Tuan Nguyen, U.S. economist at RSM. “It is likely that this holiday season might be the last for a while with such a strong spending push.”
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