More individuals are working a number of jobs as Americans battle excessive costs and layoff jitters

But the March degree was nonetheless decrease than the pre-pandemic degree of 8,181,000 million in February 2020 at 5.2% of the overall employed inhabitants. 

Among these holding a number of jobs, the variety of folks working their major job full-time whereas taking over a part-time job reached its highest degree because the starting of the pandemic in March 2020. More than 4.6 million folks have been juggling a full-time job and a part-time one in March 2023, the second time the info surpassed the February 2020 variety of 4.5 million. 

The excessive price of residing and employees’ wishes to guard themselves within the occasion of a layoff are the 2 most important elements driving the rise within the share of staff with a number of jobs proper now, mentioned ZipRecruiter Lead Economist Sinem Buber in an e-mail to MarketWatch. Employees are additionally in search of further earnings sources to make sure they’ve not less than one supply of earnings in the event that they lose a job as a consequence of a possible recession, she mentioned. 

Inflation has eased after a yr of fast development, however costs are nonetheless excessive in comparison with a yr in the past. Prices for all items and providers have been 6% larger in February than a yr in the past and meals costs have been 9.5% larger in comparison with the earlier yr, in accordance with the latest authorities knowledge. 

Announcements of layoffs are occurring frequently. The tech sector alone has shed greater than 168,000 jobs because the begin of 2023.

“With the cost of living remaining so high, it can be challenging for individuals to meet their expenses with just one job,” Buber mentioned. 

While customers have adjusted to inflationary pressures by budgeting and spending much less, many have additionally turned to a facet job to complement their earnings, particularly as many pandemic-related authorities advantages have ended, mentioned Anuj Nayar, Financial Health Officer at LendingClub, in a press release. 

Nearly half of employed adults have supplemental earnings sources along with their paychecks, in accordance with a latest survey by LendingClub and PYMNTS. 27% of high-income and 26% of middle-income customers mentioned they’d a facet job, the survey discovered. 

Since the pandemic, a rising variety of employees have chosen to work part-time, both due to pandemic-related burnout or different causes reminiscent of caregiving tasks. But the share of part-time employees has ticked down up to now two months. 

The share of people that both had a job or have been in search of work rose in March, and the labor power participation charge hit 62.5%, its highest degree since February 2020.

Although the labor market continues to be robust, hiring is slowing. The economic system added 236,000 jobs in March and the unemployment charge edged down from 3.6% the earlier month to three.5%. The positive factors have been decrease than the revised 326,000 acquire in January and 472,000 in February, however nonetheless larger than the Federal Reserve’s hoped- for slowdown in hiring.