A record share of college-educated Americans are doubling up on jobs to increase their earnings. They are driven by the twin forces of financial need and the thirst for something new. The trend is the symptom of a double whammy of economic pressure and shifts in workplace practices in today’s flexible labor market.
In February, a record-high 8.9 million Americans were working two or more jobs at once. This would be a shocking high rate of 5.4% of all employed workers. This level is the lowest it has been since April 2009, marking what may be a turn in the tide of how Americans are seeking and finding work.
Perhaps most striking is the trend in the share of multiple jobholders with a college degree, which has been rising consistently. In 2024, this magic number hit 50.2%, up from 50.0% in 2023. This is a huge jump up from 48.6% in 2020 and 45.1% in 2019. Increasingly, better educated workers are looking for ways to make supplemental income and gain varied work experiences.
The increase in overemployment seems to be propelled by opportunity and forced by necessity. For others, it’s an opportunity to pursue their passions or begin new careers by working multiple jobs. Yet for many they take on extra jobs simply for economic reasons. And wages—even if you have them—have failed, for the most part, to match inflation, let alone the dramatic increase in the basic costs of living like housing.
New data provides hard evidence that overemployed Americans make a modest premium compared to people with just one job. The median annual earnings of the individuals working on more than one job was $57,865 versus $56,965 in only one job. This minor difference likely understates the additional time and stress involved in juggling overlapping careers.
Stephen Gilliam, a graphic designer for a government contractor, is a great example of this trend. He puts in 40 hours a week in his main job and exchanges hours for cash balancing multiple side hustles to make ends meet.
There are good and bad weeks, but I do my best to try to find that balance. - Stephen Gilliam
Gilliam typically aims to conclude work by 10 p.m. and get some shut-eye before hitting the ground running the next day. Gilliam is just one of millions of college-educated workers taking on side gigs.
You have to 'work a lot harder to make ends meet' - Carolyn McClanahan
Working at least two jobs, also called multi-jobholding, is another complicated phenomenon. It reflects the reality of today’s economy and the changing nature of work. A greater share of Americans, particularly college-educated ones, are voluntarily looking for new sources of income. Some experts predict this trend will continue in order to further define the labor market.
