The continued presence of high inflation, as the prices of everyday items continue to rise, is prompting more Americans to start side hustles ahead of the holiday season.
The Labor Department reported earlier this month that nearly 8.4 million people held multiple jobs in October, the highest level since July 2019, before the coronavirus pandemic took hold. Ta.
Collectively, they make up about 5.3% of the total U.S. workforce, up from 4.8% just a year ago.
Americans are increasingly likely to hold multiple jobs as they continue to face high inflation that rapidly erodes purchasing power.
In fact, the government announced last week that the average hourly wage for all employees was $11.05 in October, down 3.32% from $11.43 in January 2021, just before the inflation crisis began.
By this measure, the typical American worker is actually worse off now than two years ago, even though nominal wages are rising at the fastest pace in years. There is.
Inflation is putting severe economic pressure on most American households, forcing them to pay for necessities like food and rent. The burden falls disproportionately on low-income Americans, whose paychecks are already tight and are highly exposed to price fluctuations.
The consumer price index, which broadly measures the prices of daily necessities including gasoline, food, and rent, was flat in October from the previous month, but prices continued to rise by 3.2% on an annual basis.
And compared to January 2021, just before the inflation crisis began, prices have increased by 17.62%.
of consumer price index remains far above typical pre-pandemic prices, and the cost of necessities like food, gasoline, rent and child care remains much more expensive than just a year ago. Chronically high prices are forcing Americans to spend about $650 more a month than they did two years ago, according to a recent estimate from Moody’s Analytics.
CLICK HERE TO GET FOX BUSINESS ON THE GO
As spending on everyday items increases, Americans are on fire Funded by savings, more and more people are turning to credit cards to cover basic expenses.