Newsletter August 2017
MARKET NOTES - MULTIPLE JOB HOLDERS INCREASING
The lack of an increase in average hourly wages has led many to work additional hours, if not multiple jobs. Workers’ demand for higher wages has also translated into higher hours worked. More income is also needed for some to make ends meet, an indicator of tight circumstances for a portion of the working population.
Data released by the U.S. Labor Department reveals that 20-24 year olds were the age group holding the most amount of multiple jobs, while 65 + year olds saw an increase in multiple jobs as well.
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Economists believe that as younger workers expand their families, a lack of rising wages leads to both partners working with one partner having to work a second job in order meet rising expenses at home.
U.S. workers haven't experienced a wage hike in years, as the average household wage has essentially gone nowhere, from $57,423 in 2007 to $56,516 in 2015, the most recent data release.
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Source: U.S. Department of Labor