According to a recent ZipRecruiter report, job seekers are experiencing a decline in confidence, preparedness, and financial security in the current labor market.
The career site's latest analysis reveals that job seekers' outlook on job availability and their ability to secure positions has reached its lowest point since the report began in January 2022. Only 15% of job seekers report a positive job search experience, while 38% describe their search as going poorly.
An increasing number of individuals anticipate a decrease in job opportunities over the next six months. Simultaneously, job searches are becoming more urgent, with 43% of seekers looking for jobs daily, up from 37% at the end of 2023.
Financial pressures are driving this urgency, with 40% of job seekers reporting they're falling behind on bills or facing serious financial difficulties. As a result, 63% feel compelled to accept the first job offer they receive. The desired start time for a new role has decreased from 7½ weeks in Q1 2024 to just 3½ weeks.
ZipRecruiter's chief economist, Julia Pollak, notes that the previously discussed "vibecession" has evolved into a tangible deterioration of the labor market. Official Labor Department data supports this, showing an increase in unemployment to 4.1% in June, longer periods of joblessness, and slower hiring rates.
While the job market remains relatively stable overall, many Americans are experiencing whiplash from the rapid hiring and wage growth during the early pandemic recovery. The end of pandemic-related financial support programs has also increased economic pressure on job seekers.
Certain sectors, such as government, healthcare, and social assistance, remain strong. Lower-wage restaurant positions and seasonal summer jobs are also available, particularly benefiting younger workers aged 16-19. However, industries sensitive to interest rate changes, like manufacturing, automotive, and tech, have experienced more volatility with layoffs and reduced hiring.
Hiring has become more challenging for older workers over 65, Black and Hispanic workers, and recent graduates under 24. Middle-income earners ($48,000 to $74,999) saw the most significant drop in confidence, while high-earners ($115,000+) are the only income group feeling more positive about the job market compared to earlier in the year.
Americans continue to find ways to make money outside of their primary sources of income. More than a third, 36% of U.S. adults have a side hustle, according to a new Bankrate survey of 2,332 people. And they’re making a sizable chunk of extra change.
The average side hustler is bringing in $891 per month. That’s up from $810 per month in 2023, or a 10% increase altogether, says Ted Rossman, senior industry analyst at Bankrate. The practice is now “quite a bit more lucrative.”
There are some differences among generations and not everyone is bringing in hundreds of dollars per month. Here’s a breakdown of how much people are making and some of the most in-demand side hustles people are taking on.
Gen Zers are the most likely to tack on a side hustle, with 48% reporting they have one. That’s followed by 44% of millennials, 33% of Gen Xers and 23% of Baby Boomers.
But Millennials are still seeing the most extra cash. On average, they bring in $1,129 per month. That’s followed by Gen Zers, who are bringing in $958 per month, Gen Xers, who are bringing in $751 per month, and Baby Boomers, who are bringing in $561.
Overall, 28% of people make more than $500 per month, 34% make between $101 and $500, and 37% make $100 or less. Median earnings are $250, versus $200 per month in last year’s study. It’s a small monthly hike, but high-earning hustlers are still skewing the average much higher.
So, what are people doing to earn their extra money? It’s likely all sorts of things.
In 2024, the most in-demand gig on the services platform Taskrabbit is furniture assembly, which pays an average of $41 per hour, according to the site. One of the freelance marketplace Upwork’s most in-demand skills is data analytics, which can pay $167 per hour.
“I think dog walking or dog sitting or pet sitting is such a popular one because you really don’t need anything except a little credibility,” says Jen Glantz, founder of Bridesmaid for Hire and the creator of the Monday Pick-Me-Up and Odd Jobs newsletter. Nationwide, the average pay for pet sitters is $16 per hour, according to ZipRecruiter.
“Another popular one I’ve seen is something like a Poshmark,” she says, “where you list your stuff and sell it.” Sellers like Maria Jones, Kaitlin Kao, and Sophie Riegel have made thousands using the site.
Ultimately, founder and CEO of Sidehusl.com Kathy Kristof attributes side hustlers’ success to their broader understanding of what’s on the market. They’re being selective in the side hustles they take on to make sure they’re actually bringing in money.
“You saw a lot of people getting taken advantage of in the gig economy and I think they’re just a little bit less gullible now,” she says.