Wall Street Journal's Eric Morath takes a closer at a new study of bank transactions by the JPMorgan Chase Institute, which found that almost 1% of adults earned income last September from one of the many new, digital platforms that make up the U.S. gig economy, such as Uber and Airbnb.
The new data marks a significant jump from October 2012, when 0.1% of adults collected income from similar platforms. Although the the sharing force has just about reached the number of teachers and staff that work for U.S. public schools, the study determined most adults that drive for Lyft or sell crafts on eBay are still putting their day jobs first.
The share of active participants earning 50% or more of their monthly income has fallen since the summer of 2014, as the total number making some money increased.
“The level of growth is quite extraordinary…but these platforms are not taking over for traditional jobs,” said Diana Farrell, chief executive of the institute, the banking giant’s research arm. “It appears they’re saying ‘I’m only willing to go this far, I don’t want to put my other job in jeopardy.’”