Jobseekers line up to meet with a prospective employer during a job fair sponsored in New York. Some 7.26 million people collected at least two paychecks last month, up from 6.92 million in January. (EPA)
Moonlighting may be underlying some of the momentum in the job market.
Along with the rise of part-time workers, more Americans are holding down a second job, leading to a surge of “multiple jobholders” in February.
The Labor Department report yesterday showed an increase of 340,000 workers with more than one job — the biggest monthly gain in nearly 16 years.
Some 7.26 million people collected at least two paychecks last month, up from 6.92 million in January.
The multiple jobholding rate — or the proportion of total employment made up of workers who held more than one job — rose to 5.1 percent, from 4.8 percent the previous month.
“We’re seeing this February bump dominating our data going back to 1994, when we started collecting it,” said economist James Borbely at the Bureau of Labor Statistics.
Borbely cited several causes for the February spike, including paying off holiday credit-card bills, saving for upcoming vacations and big purchases, and a start-of-the year wave of part-time hiring as employers test the waters.
He said it’s an interesting phenomenon that “doesn’t get a lot of attention from economists.”
While some see it as a glum statistic of families scrambling to make ends meet, others view it is as a positive sign that people are building up their incomes.
Indeed, the government report yesterday offered fresh optimism that the job market is gaining steam.
The economy added 236,000 jobs, with gains showing up across a broad swatch of sectors.
That pushed the jobless rate to a more comfortable 7.7 percent, from 7.9 percent the prior month.
The most hiring in side jobs includes: professional workers, such as bookkeepers, computer technicians and office administrators; food service workers; retail workers; and personal care professionals, including dog walkers and spa specialists.