One finding of the Federal Reserve’s “Report on the Economic Well-Being of U.S. Households in 2018” is that workers who supported themselves through the gig economy struggled financially far more than the average person last year.
The survey showed that 58% of full-time gig workers said they would have a hard time coming up with $400 to cover an emergency bill. In contrast, 38% of people who don’t work in the gig economy said the same. Both numbers are concerning, but the gap between them indicates that the informal gig economy is far more destabilizing than many would think.
Economists have difficulty measuring the gig workforce because so little is known about it. Read an overview of this report for the latest economic insights.