What's Next For The Gig Economy?

Since the Great Recession, gig jobs have been heralded as the economy of the future - but after a decade, are U.S. workers still making money off of gig jobs? Many of the biggest gig startups began in the fallout of the Great Recession of 2008. 7.2% unemployment after the Great Recession spurred the demand for temporary and quick starting jobs. In the decade since, the gig economy has expanded at an exponential rate and as of 2017, Airbnb had 150 million users and Uber had 42 million users. But even though business seems to be booming, gig workers are struggling; 60% couldn’t come up with $400 for an emergency bill or other problem.

After swelling numbers jumped on the bandwagon, many faced the realization that surviving as a full time gig worker was just not practical with the way that things were set up. Many gig workers do not earn a living wage, according to the median monthly income, and from 2014 to 2018 pay for even the most active participants gig jobs such as Uber and Lyft dropped significantly.

Find out the seemingly dooming end of the gig economy, with top companies in chaos and workers jumping ship here.

Infographic Source: https://www.onlineschoolscenter.com/gig-jobs/