Will 2023 be the year of the side hustle? Workers hedging their bets ahead of a possible recession.
“The effects of a recession are hitting workers across business sectors — including tech and social media companies, e-commerce and real estate,” said Richard Wahlquist, president and chief executive officer at the American Staffing Association. “As employers focus on reducing expenses and belt tightening, workers are considering turning to second jobs or extra shifts to make ends meet.”
The nervousness on behalf of workers comes as 62% have noticed cost-cutting measures at their employer or received internal communication from management regarding a recession, according to the survey, which interviewed more than 2,000 adults, of whom 1,140 were employed. But the job market remains historically strong, despite worker fears and a growing unanimity among business leaders about a recession.
The United States added about 263,000 jobs in November, far above expert estimates of around 200,000. The unemployment rate sits unchanged from at 3.7%. The Labor Force Participation Rate, which is the percentage of working-age Americans actively seeking work or employed, dropped slightly to 62.1% in November,
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