New data from the Bureau of Labor Statistics has found that at least 5% of the American workforce has a second job, a new record as Americans continue to try and fight tough economic conditions.
In a release earlier this month, the bureau shared that around 8.9 million Americans reported that they are currently working multiple jobs, the highest rate since the Great Recession in April 2009.
The data comes as several other reports have found Americans are struggling after half a decade of high prices at the grocery store, generations being priced out of the housing market, and other economic pressures.
Americans have now been forced to find a second job or borrow money to make ends meet. For the latter, Audacy reported last month that household debt among Americans, which includes mortgages, auto loans, student loans, and credit cards, has risen to a record $18.04 trillion.
The report from the Federal Reserve Bank of New York highlights that, in total, Americans’ credit card balances now stand at a record $1.21 trillion.
As for second jobs, the Federal Bank of St. Louis shared in a report that 50.2% of multiple job holders in 2024 had a college degree.
That number is a significant increase from 9.1% in 2019.
On the other side of the coin, small businesses are finding themselves struggling to fill positions.
The National Federation of Independent Business’ monthly small business optimism index shared that 35% of those surveyed had job openings they couldn’t fill in January, and 52% said they were hiring.
While the United States Chamber of Commerce reports that “across all industries, hiring rates have continuously outpaced quit rates,” there is still a labor shortage in several fields.
“If employers are seeing soft demand for labor and cutting hours, that’s another reason why people are taking on additional jobs to fill the week and to fill their bank accounts,” Julia Pollak, chief economist at ZipRecruiter, told CNBC.
As Americans continue to try and navigate the ever changing economy, many are left wondering if there will ever be a break.
Carolyn McClanahan, a certified financial planner, spoke with CNBC about the trend, sharing that many are finding extra jobs because of how much it costs to have a normal life.
“If you’re going to try to have some semblance of a traditional life with kids and a house and transportation, [it] takes a lot of money to do that,” McClanahan said.