8.7 Million Americans Now Work Two Jobs To Make Ends Meet Despite Inflation Continuing To Cool
In a striking contrast to the buoyant stock market, 8.7 million Americans are now balancing two jobs to make ends meet, highlighting the growing disparity between market optimism and the everyday struggles of the workforce.
The recent jobs report, which has been a catalyst for the market rally, presents a complex picture. While the report indicates strong job growth and declining unemployment, it fails to capture many Americans’ underlying challenges. The number of people working multiple jobs has seen a significant increase, a clear sign of the economic pressures still burdening the average person.
This number is the highest since pre pandemic and is growing by hundreds of thousands per month. In October, the number was just under 8.4 million jobs
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The discrepancy is particularly evident in sectors with lower wages, where employees often need a second job to cover basic costs.
The phenomenon is not just a statistical outlier but a reflection of the widening economic gap in the United States. While the stock market may be rallying, the reality for millions of Americans tells a different story — one where financial stability remains elusive, despite holding down multiple jobs.
The implications of this trend are far-reaching, impacting consumer spending, mental health and the overall quality of life. As the market continues to celebrate the strong jobs report, the spotlight must also be turned to the struggles of those working tirelessly behind these numbers.
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According to the U.S. Census, in 2022, 37.9 million Americans were living in poverty. The poverty line has also been largely criticized as an ineffective way to measure poverty. The price of college and houses have both historically outpaced inflation substantially. This means many of the biggest purchases adults are making are setting them back more.
Those with two jobs often express an inability to meet basic needs, making getting ahead more difficult. Homeownership, given the substantial down payment needed to purchase, often becomes a pipe dream.
There's been a steady rise in people selling their blood and plasma. Currently, as much as 8% of Americans sell their Plasma in any given year. That's not too far off from the roughly 11% of Americans below the poverty line.
This stark contrast comes as the S&P 500 hit new all-time highs earlier this year. Over the past year, the market index has risen over 20% despite recession worries, rising rates, tech layoffs and a host of other concerns among investors.
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