A big downturn in “side hustles” could be a promising sign of the economy.
The newest figures from Bankrate say only about 27 percent of American adults now have second jobs. That’s the lowest percentage since 2017 and down from 36% last year.
“A few years ago, we saw a lot more people side hustling, just to make ends meet,” said Bankrate analyst Ted Rossman. “Now, we see fewer people side hustling. And those who are, are doing it more to get ahead. Discretionary spending, maybe to go on vacation. Or maybe they’re using it for debt payoff, which is kind of an uplifting thought.”
Rossman says the job market has been solid and wages have outpaced inflation so many people who took extra employment because they felt strapped now feel like they’ve caught up.
But he anticipates a new wave of side hustles.
“It is definitely young adults who are leading this side hustle culture,” he said. “They want to be their own, boss, try something entrepreneurial. That’s more the uplifting side of this topic.”
Photo: Moment RF