Top Points:
Rise in Dual Employment: The percentage of U.S. adults working two jobs has increased from 22 percent in 2021 to 26 percent in 2024, with over 44 million Americans now moonlighting to cope with the rising cost of living.
Impact on Family Life: The need for additional income is impacting family time, especially among younger generations. Approximately 71 percent of Gen Z and 68 percent of Millennials hold two jobs, significantly higher than the 48 percent of Gen X and 32 percent of Boomers.
Small Business Surge: Despite economic challenges, a record number of new businesses were created in 2023, driven mainly by Gen Z and Millennials. This entrepreneurial boom underscores Americans' resilience and their shift towards self-employment in response to job market uncertainties.
Full Report:
How Millions of Americans Are Adapting to Inflation and Changing Economic Conditions
American workers have always been among the most productive globally, consistently demonstrating a remarkable work ethic and embracing innovative technologies to boost efficiency. However, a new trend has emerged: an increasing number of Americans are working two jobs to cope with the current economic climate.
The Rise of the Two-Job Hustle
In 2021, about 22 percent of U.S. adults held a second job. By 2024, this figure has risen to 26 percent. With over 133 million full-time workers in America, more than 44 million individuals are now moonlighting to make ends meet. This trend is unlikely to decline as economic pressures persist.
Struggling to Make Ends Meet
The motivation behind this surge in dual employment is straightforward: many Americans need the additional income to cover their expenses. The cost of living has skyrocketed, with gas prices doubling since 2021, and essential food items, such as eggs, increasing by over 50 percent. Housing prices have surged by 54 percent since 2019, and interest rates remain high, further straining household budgets.
Impact on the U.S. Economy
Consumer spending saw a modest increase in 2023 and early 2024. However, since March, spending has declined as rising costs for healthcare, transportation, and insurance outpace income growth. Higher taxes also reduce take-home pay, exacerbating the financial burden on American families.
The Family Trade-Off
The rise in dual employment has a significant impact on family life. Single-parent households and younger generations, such as Gen Z and Millennials, who are more likely to have young children, bear the brunt of this trend. About 71 percent of Gen Z and 68 percent of Millennials are working two jobs, compared to 48 percent of Gen X and 32 percent of Boomers.
The Small Business Boom
Amid these challenges, there is a silver lining: a surge in small business creation. The U.S. Census Bureau reported a record 5,481,437 new startups in 2023, driven primarily by Gen Z and Millennials. These digital natives are leveraging e-commerce opportunities and are less inclined to rely solely on traditional full-time employment after experiencing the job market's volatility during the COVID-19 pandemic.
According to the Bureau of Labor Statistics, small businesses remain a vital component of the U.S. economy, generating 55 percent of jobs from 2013 to 2023. This entrepreneurial spirit highlights Americans' resilience and adaptability in the face of economic adversity.
Conclusion
The increasing prevalence of dual employment underscores the economic challenges many Americans face. As inflation and high costs continue to strain household budgets, the two-job trend is expected to persist. Nevertheless, the entrepreneurial drive of younger generations offers a glimmer of hope, fostering innovation and job creation across the nation.
Original Story by James Gorrie, The Epoch Times
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