Jobs go boom. Sadly, No Labels goes bust. But there is still Bobby (Junior, that is).
What you’re not hearing about the 8.6 million Americans who have to work two jobs to make ends meet
Monday, April 8, 2024
Today's level is consistent with what we saw in the post-GFC "new normal." It will move higher as our post-pandemic boom unfolds.
Update to Strategic View
8.6 million Americans are now working two or more jobs – 3.1 million more than in 2020 – and the narrative is that they are doing it out of desperation “to make ends meet.” But today’s 5.2% share of workers with multiple jobs is identical to the share in 2009, and consistent with levels seen throughout the long expansion following the Great Recession. It is the low share in 2020 that is the anomaly, due entirely to the pandemic depression. The share was higher before the Global Financial Crisis ushered in an era of “secular stagnation,” confirming that holding multiple jobs is a sign of prosperity. The share was even higher in the tech boom of the 1990s. Today’s high share is evidence of a post-pandemic productivity-led boom, and it is part of a virtuous cycle that will keep the boom alive.