More Americans are working a second job as high inflation squeezes
UBS managing director and senior portfolio manager Jason Katz discusses whether it's too early for the Fed to cut interest rates on 'Varney & Co.'
The constant presence of high inflation is pushing more Americans to take on a side hustle ahead of the holiday season as the cost of everyday necessities continues to rise.
The Labor Department reported earlier this month that nearly 8.4 million people held multiple jobs in October – the highest level since July 2019, before the COVID-19 pandemic took hold.
In total, they represent about 5.3% of the total U.S. workforce, an increase from 4.8% just one year ago.
INFLATION RISES 2.3% IN OCTOBER, LESS THAN EXPECTED
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.
A woman shops for groceries at a supermarket in Monterey Park, California on Oct. 19, 2022. ((Photo by FREDERIC J. BROWN/AFP via Getty Images) / Getty Images)
In fact, the government said last week that average hourly earnings for all employees was $11.05 in October, which represents a 3.32% decline from the $11.43 figure in January 2021, shortly before the inflation crisis began.
By that measure, the typical U.S. worker is actually worse off today than two years ago, even though nominal wages are rising at the fastest pace in years.
FED'S POWELL WARNS SLOWER ECONOMIC GROWTH MAY BE NEEDED TO COOL HIGH INFLATION
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
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