The American jobs market looks sturdy at first glance. Payrolls have expanded. Unemployment has not spiralled. On paper, the recovery narrative holds.But beneath the surface, another story is unfolding, one told in longer workweeks, shrinking disposable income, and a growing number of Americans clocking into two full-time jobs.According to data shared by The Kobeissi Letter, 476,000 Americans are now holding two full-time positions. That is the second-highest figure on record, trailing only December 2025’s peak of 488,000. More strikingly, the number has doubled since 2020 and now exceeds the dot-com era high of 416,000 workers recorded in July 2000. This is not a statistical blip. It is a shift.
When one job is no longer enough
The broader picture is equally revealing. The total number of Americans holding multiple jobs has climbed to 8.77 million, approaching record territory and standing roughly 700,000 above the 2008 peak.The Kobeissi Letter’s analysis suggests that mounting economic pressure is pushing households toward layered employment. For many families, one paycheck no longer stretches far enough to cover rent, healthcare, utilities, groceries, and student loan payments.In 2024, Americans were already adding shifts and second roles, with some crossing the 60-hour workweek threshold. What makes the trend more sobering is that it unfolded even as unemployment ticked higher in certain months. Employment exists, but for many, it is insufficient. The old benchmark of stability, a single full-time job, is quietly eroding.
Geography tells its own story
Regional patterns reinforce the strain. Data from WalletHub in September 2025 showed that workers in Alaska averaged 41.6 hours per week, the highest in the nation. Long hours have historically characterised certain industries, especially energy and logistics. But the broader rise in multiple jobholding suggests this is no longer confined to specific sectors. It is diffusing across white-collar, blue-collar, and gig-based roles alike.
Gen Z and the economics of “income stacking”
For Gen Z, the response has been pragmatic. Many younger workers have embraced what is now commonly described as “income stacking,” combining full-time employment with freelance contracts, digital gigs, or part-time shifts.The motivation is less about ambition and more about insulation. Rent has risen faster than wages in many metropolitan areas. Everyday costs have remained stubborn. For recent graduates entering the workforce, financial breathing room feels elusive.Unlike previous generations that may have picked up occasional side work, today’s younger employees are building parallel income tracks by default. Stability now requires diversification.
A resilient economy, or a stretched one?
The United States labor market is still a dynamic one. Companies continue to hire. Wages continue to rise in nominal terms. However, the doubling of dual full-time employment since 2020 makes it difficult to maintain the celebratory tone that is usually associated with the headline job numbers.More jobs do not necessarily mean more security. In fact, they can mean the opposite. The 476,000 Americans who are juggling two full-time jobs are more than a statistic. They represent a shift in the economic survival mechanism, one that is seeing productivity increase, hours increase, and the recovery experience as uneven.Whether this is a temporary reaction to the inflationary shock or a shift in the work culture of America is yet to be determined. However, the calendar tells the truth: the workday is longer, and for many, it is twice.
