The gig economy boom is over as workers go back to traditional jobs, Bank of America says
. However, leisure and hospitality and the retail sector still have the lowest hourly wages among major industries as of March 2023.for accommodation and food services as well as retail trade compared to the overall growth for all sectors.
That decline in monthly income could come from a mix of lower pay rates per hour or gig and workers taking on fewer gigs. "And, in fact, we think this could explain the rise in the labor force participation rate for younger people," Zhou added."So, specifically those between 16 and 24, were seeing a very notable increase in their labor force participation and at the same time a very steep drop in their gig activities."
However, Zhou did point out that the share of Bank of America customers who had gig income is"still elevated versus where we started in 2019, early 2020." According to the report, the share has dropped from the 3.3% peak in March 2022 to 2.7% in February 2023,"after rising threefold during the pandemic."
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