Share of gig workers hit a new high in March
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The share of gig workers in the U.S. reached its highest level on record in March according to a new analysis from the Bank of America Institute.
The report found that the share of customers at Bank of America, the nation's second-largest bank, who received income from gig platforms through direct deposits or debit cards, increased to more than 3.8% in March 2024, above the previous peak that was reached in early 2022.
It found that ride-sharing drove most of the growth in gig work over the last year and became the most common form of gig work among Bank of America customers, while social commerce and deliveries moderated from their December 2021 highs.
«Ride-sharing is a major contributor to the rise in gig work due, in part, to a near return to pre-pandemic levels of traffic and a possible preference for ridesharing compared to public transportation,» Joe Wadford, economist at the Bank of America Institute, told FOX Business. «Another way of looking at this, the reason gig work is increasing is that people are returning to pre-pandemic levels of activity but might be exhibiting slightly new behaviors resulting from the pandemic (e.g. traveling in less-crowded spaces).»
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The Bank of America Institute's report found that the share of the bank's customers with income from gig work hit a new high in March. (Photo by Spencer Platt/Getty Images / Getty Images)
Ride-sharing ranked as the second-largest gig work income source, trailing only vacation rentals, which Wadford noted have higher barriers to entry for workers given the costs associated with owning a
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