People are earning more from side gigs and needing them less

Cooling inflation and a solid job market have made side-hustle income a bit less essential for many workers, a new Bankrate survey finds.

Side hustlers are hustling a little less but making more when they do.

About 36% of U.S. adults say they make extra money from a side job beyond their main source of income, according to a survey the consumer finance platform Bankrate released Wednesday. That’s down from 39% last year, when side-hustlers were earning a bit less. The average side gig now nets $891 a month, up 10% since 2023 — well ahead of inflation.

The findings add up to “a more positive view” of the side-hustle economy, said Ted Rossman, Bankrate’s senior credit card analyst. But he cautioned that “things still aren’t great.”

“About twice as many people are side hustling now versus 2017,” Rossman said, “and it’s alarming that even in a good job market so many people need a secondary source of income.” Even so, the latest survey data looks like “progress” as inflation cools, he said Wednesday.

After plateauing for much of this year, inflation appears to be back on a downtrend since peaking at 9.1% two years ago. The closely watched consumer price index clocked in at 3% in June, according to government data released Thursday, lower than expected and down from a 3.3% annual rate in May. The index also notched its first monthly decline in four years, falling 0.1% from May to June.

https://www.nbcnews.com/business/economy/people-are-earning-side-gigs-needing-less-rcna160768

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