More Americans are getting a second job to offset sting of high inflation
KKR's Henry McVey joins 'Barron's Roundtable' to discuss GDP data showing the economy is growing and inflation cooling.
The constant presence of high inflation is pushing more Americans to take on a side hustle as the cost of everyday necessities continues to rise.
The Labor Department reported on Friday that nearly 8.13 million people held multiple jobs in January – up from 7.87 million one year ago. In total, they represent about 5.1% of the total U.S. workforce, an increase from 5% just one year ago.
The growing likelihood of Americans holding more than one job comes as they continue to confront stubbornly high inflation that has rapidly eroded their purchasing power.
In fact, the government reported last month that the average hourly earnings for all employees was $11.10 in December, which represents a 2.89% decline from the $11.43 figure in January 2021, shortly before the inflation crisis began.
THE NUMBER OF HIGH-PAYING JOBS IS DWINDLING
A window display at The Vacation Supply Company on Collins Ave. in Miami Beach, Florida. (Photo by: Jeffrey Greenberg/Universal Images Group via Getty Images / Getty Images)
By that measure, the typical U.S. worker is worse off today than two years ago, even though nominal wages are rising at the fastest pace in years.
Inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily impacted by price fluctuations.
AMERICANS IN THESE STATES ARE GETTING A PAY RAISE THIS YEAR
While inflation has fallen considerably from a peak of 9.1% notched during June 2022, it remains well above
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