Americans Turn to Side Hustles Amidst Soaring Inflation: Multiple Job Holders Hit Highest Levels Since 2019

As the specter of relentless inflation continues to cast its shadow over the United States, a growing number of Americans are turning to side hustles to make ends meet, with the Labor Department reporting the highest number of multiple jobholders since July 2019.

The latest data reveals that nearly 8.4 million people juggled multiple jobs in October, representing 5.3% of the total U.S. workforce. This marks a significant increase from 4.8% just a year ago, underscoring the economic strain felt by many amidst soaring inflation.

October’s Consumer Price Index showed a 2.3% rise in inflation, slightly less than expected. However, the impact on the average American’s purchasing power remains significant. Average hourly earnings for all employees were reported at $11.05 in October, reflecting a 3.32% decline from January 2021 figures.

Despite nominal wage increases, the typical U.S. worker finds themselves worse off today than two years ago. Federal Reserve Chairman Jerome Powell acknowledged the economic challenges posed by high inflation, warning that slower economic growth might be necessary to curb inflationary pressures.

The inflation crisis has created severe financial pressures for households across the nation, with low-income Americans disproportionately affected. The Consumer Price Index, encompassing goods such as gasoline, groceries, and rents, remained unchanged in October compared to the previous month but surged by 3.2% annually.

When compared to January 2021, prices have skyrocketed by a staggering 17.62%. Everyday necessities, including food, gasoline, rent, and child care, continue to burden consumers, forcing them to spend approximately $650 more per month than they did two years ago, according to estimates from Moody’s Analytics.

As Americans grapple with higher living costs, they are depleting their savings and increasingly relying on credit cards to cover basic expenses. The financial strain is palpable, prompting many to seek additional income through side hustles in an effort to weather the economic storm.

The current economic landscape underscores the challenges faced by individuals and families as they navigate a high-inflation environment, emphasizing the need for comprehensive solutions to alleviate the financial burdens weighing on the nation.