More American workers are taking on second jobs as inflation rages

With U.S. inflation advancing workers ’wages, a growing number of Americans are taking second jobs to reach the end of the month.

Many people have already curbed spending where they can, while others they have taken advantage of their pandemic savings to cover the rising cost of food, gas, rent and other necessities. However, the highest inflation in the last 40 years is weighing heavily on millions of households. Three-quarters of middle-income Americans say so you don’t earn enough to pay the cost of living, according to a recent survey.

“At the end of the day, there are only so many credit cards you can charge and things you can avoid spending before you get to reality that you might have to look for a second job,” said Mark Cohen, a professor at Columbia Business School. . he told CBS MoneyWatch. “It’s about how much you contribute each month, how much you spend; if you’re in a deficit position, you have to find another job or an extra job.”

As the pandemic erupted in the U.S. in 2020, about 4 percent of the people employed had multiple jobs in the U.S., according to data from the Federal Reserve in St. Louis. Louis. By June of this year, that figure had risen by almost a full percentage point.

Although today there are fewer people working in various jobs, more Americans than ever have two full-time jobs, which add up to more than 70 hours of work a week. In June, 426,000 people worked in two full-time positions, compared to 308,000 in February 2020, according to federal employment data.

Along with more workers suffering financial difficulties. this trend also reflects the strong labor market and solid job opportunities in the US, experts point out.

“Historically, the proportion of workers with multiple jobs increases when the labor market is strong and low when the labor market is weak,” said Heidi Shierholz, president of the Institute for Economic Policy, a nonpartisan think tank. “It’s basically a matter of job availability. We’re seeing this increase in multiple jobs as the job market has strengthened.”

“No time to play”

Crissen Murphy of Rockford, Illinois, is among those working two jobs. The 29-year-old works full-time as a sales representative for Hinckley Springs, a water delivery services company, while operating his own mobile car wash and detail business, called Murphy’s Portable Wash.

“I only do it on the weekends for extra money to help pay the bills,” Murphy told CBS MoneyWatch.

For the most part, it is able to control its costs. “I’m a very basic guy, I eat bread sandwiches,” he said. The extra work helps cover costs such as a higher electricity bill and rising gas prices.

Having two jobs has forced Murphy to be highly organized. “There’s no time to play,” he said.