Moonlighting becomes an American way of life
More US workers are holding down second jobs as it gets ever tougher for families to make ends meet.
If you're thinking of taking on a second job to keep afloat, you're not alone.
With Americans hit by higher taxes and a still-sluggish economy, more are turning to moonlighting to pay the bills. According to a Labor Department report, about 340,000 people took on second jobs in February, representing the biggest monthly gain in almost 16 years.
That means almost 7.26 million people relied on two paychecks last month, compared with 6.92 million in January, the New York Post reports, citing data from the Labor Department.
The bump came shortly after a hike in the payroll tax, which left a lot of workers taking home smaller paychecks. According to an estimate from the Tax Policy Center, the tax hike means the average American household has about $20 less each week to spend.
A rise in second jobs appears to be seasonal, reported every February going back to 1994 when the U.S. Bureau of Labor Statistics started collecting the data, bureau economist James Borbely told the Post. But last month saw an unusually high jump.
So, who's hiring people for second jobs? Let's just say many of those workers are telling customers, "Welcome to McDonald's (MCD)!" The most popular sidelines include food service, retail, bookkeeping and personal care workers such as dog walkers, the Post notes.
Other issues boosting moonlighting include the need to pay off holiday purchases, with credit-card bills coming due in February for December gift-buying.
Aside from the increase in moonlighting, more Americans are also relying on part-time jobs in what The New York Times calls an "unsettling" trend. That's because it appears many full-time jobs are being replaced by part-time positions, or those that require fewer than 35 hours a week.
Part-time positions have surged by 2.8 million since December 2007, when the recession officially began, but 5.8 million fewer Americans are working full time.
"This would not be so troubling if people were electing to work fewer hours. But that is not the case," The Times notes. Many workers are having trouble finding full-time jobs amid a still-recovering economy.
Yep the more wages drop or stay the same the more you will see this. It's not like people are getting another job for the fun of it. They are doing out of necessity.
To show good numbers of employment.GOP and DEMO are using parttime job as employment
data,this started with GOP president Ron. Reagan. This is nothing but misguiding pure, ignorant
American people.Now at present most department store are giving 32 hours.Those are making
millions. No wonder stockmarket is doing grr...eat.What a shame ecomic's experts are
proclaiming progress in economics growth.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market ended the Thursday session on an upbeat note with blue chips showing relative strength for the second consecutive day. The Dow Jones Industrial Average (+0.4%) and S&P 500 (+0.3%) settled ahead of the Russell 2000 (+0.2%) and the Nasdaq Composite (+0.1%). It is worth mentioning the benchmark index posted its fourth consecutive gain, registering a new record closing high at 1992.38.
Equity indices climbed out of the gate thanks to early strength among ... More
More Market News
New legislation is allowing foreign companies to finally invest in the country's vast oil reserves.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'