U.S. Markets closed
  • S&P 500

    +58.48 (+1.44%)
  • Dow 30

    +415.12 (+1.26%)
  • Nasdaq

    +208.43 (+1.74%)
  • Russell 2000

    +34.10 (+1.93%)
  • Crude Oil

    +1.33 (+1.79%)
  • Gold

    -10.70 (-0.54%)
  • Silver

    +0.25 (+1.03%)

    -0.0062 (-0.5640%)
  • 10-Yr Bond

    -0.0570 (-1.61%)
  • Vix

    -0.32 (-1.68%)

    -0.0058 (-0.4686%)

    +0.1080 (+0.0814%)

    +90.82 (+0.32%)
  • CMC Crypto 200

    +7.58 (+1.23%)
  • FTSE 100

    +11.31 (+0.15%)
  • Nikkei 225

    +258.55 (+0.93%)

Nearly 70% of Americans seek extra work to offset inflation

Yahoo Finance Live anchors discuss the prevalence of Americans taking on work as inflation leads to higher prices for households.

Video Transcript

DAVE BRIGGS: All right, inflation still near a 40-year high here in the United States. And everything we do, everything we eat, as you know, costs dramatically more these days. And as a result, we're all working more, or at least, looking to work more in order to make ends meet and maintain our lifestyles. And with that, a staggering number, nearly 70% of Americans said they're seeking additional work to combat inflation. That's according to a new survey by Blue Crew, a workforce as a service platform.

Also, nearly 6 in 10 Americans said they're currently looking for or are interested in short-term gig work. That is an astounding number. If you'd have told me that number was at 25% or 30%, I'd have said, Seana, that is extraordinarily high. 70% of Americans gives you a real accurate picture of how difficult things are right now and why perhaps the Fed believes they have to do whatever they can to bring that inflation down, even that means a million to a million now people losing a job.

CNN, in a separate survey with Bank of America, showed 70 plus percent of people say inflation is eating up anything they're earning at work. They're not getting a quick enough raise. It is difficult for you.

SEANA SMITH: It is very difficult. These numbers stuck out to me, too. I also think it's even more concerning when you take into account what the Fed is trying to do, as it tries to get inflation under control. More people, like you just said, could be out of a job. So if these-- so if many people are already feeling the financial strain right now, it could potentially get much, much worse here, as the Fed does try to do all it can to rein in inflation.

A couple of other numbers that stuck out to me here in that survey. 85% of Americans saying that inflation has impacted their recent spending and also their buying habits. I don't think that should come as a big surprise, given the fact that so many are already looking for more hours or second jobs in order to deal with higher inflation. 72% saying that inflation has impacted the view of their job. 57% say that they have sought out new or additional roles over the past year due to the rising cost of living.

That just reaffirms the situation that millions of Americans are in right now, how it's so tough when you look at almost everything you buy on a daily basis has risen in price compared to last year. And Rachelle, taking a look at these numbers, so many Americans looking to add on hours, looking to take on a second job. Really just paints the exact picture of the current economic picture right now.

RACHELLE AKUFFO: Well, it really does, and when you think of how we're trying to look at the labor picture, then when you have people working a job, but then also perhaps taking on some of these seasonal jobs, it might muddy the economic picture when you're trying to figure out how the labor market is actually doing. If there's two open jobs for one person, but people are then taking on a second job, obviously, it makes it more difficult to calculate.

And as we look at some of the things that people considered their priorities, pre-pandemic versus now, wages and pay, 57% prioritize that. Work-life balance, though, right behind it at 56%. Then that even superceded benefits at 55%. And that even overtook things like schedule flexibility or enjoying what you do, and sadly, overprioritizing your mental health. So people really having to make some very tough decisions and making some really big sacrifices that hopefully don't end up becoming too costly. But it's obviously a very tough space for people right now.

DAVE BRIGGS: It's a good reality check to know that you out there watching us, I'm right there with you. 70% that would work more or take on a side gig to pay the bills, I'm with you, friends. All right.