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News & Press: Industry News

Gig economy report: Uber and Lyft driver earnings down, Airbnb user earnings rise

Monday, October 1, 2018   (0 Comments)
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The “gig economy” has been hailed as a major disruption to the American workforce, as sites like Uber, Airbnb and Etsy offer workers new ways to make money and work a flexible schedule. But a new report offers a stark reminder that it’s not likely to replace the full-time job anytime soon.

In a report released Monday, the JPMorgan Chase Institute, a unit of the global bank, found that the majority of people who earn income from what it calls the “online platform economy” are active on such sites only three months or less a year. The average monthly earnings was just $828 in 2017, a 20 percent increase over 2013 but still only enough income to be considered a supplementary source. And while earnings from such sites represent a major source of income during the months they participate, it makes up just 20 percent of income for those who participated at any point in the prior year, underscoring the uneven ways the “gig economy” is buoying the financial lives of Americans.

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