Year-end holidays are usually joyous, filled with gift-giving and plenty to eat and drink. But with inflation surging this year, some of that cheer has been replaced with worry about how to afford those treats along with everyday necessities.
Some Americans are coping by cutting back on things they don’t need or finding cheaper options, but an increasing number of Americans are taking on side hustles.
In November, the economy added 263,000 jobs, the Bureau of Labor Statistics said on Friday, topping economists’ average forecast of 200,000, according to Dow Jones. Buried in the details, though, is a 165,000 jump in people holding multiple jobs. That’s the largest rise since June and above the 60,000 monthly average increase in the last six months, noted Comerica Bank chief economist Bill Adams.
This trend was also noted in the Federal Reserve’s Beige Book, which chronicles economic conditions in different regions across the country.
“Nonprofit service providers noted an uptick in the number of clients relying on side gigs to make ends meet or as pathways to financial self-sufficiency,” the Atlanta Fed said in its portion of the report last week.
Who’s taking extra work?
Most adults (68%) either already have or plan to pick up a side gig, like delivering food with DoorDash or renting out extra space in their homes, according to a Neighbor.com survey of 1,000 people taken on Oct. 30.
Additionally, 44% of Americans currently work or plan to work a…
