And a new wave of research shows that the main culprit is not the so-called gig economy, but shifting pay within the same job.
This volatility helps unravel a persistent puzzle: why a below-average jobless rate — 4.4 percent in April — is still producing an above-average level of economic anxiety. Turbulence has replaced the traditional American narrative of steady financial progress over a lifetime.
“Since the 1970s, steady work that pays a predictable and living wage has become increasingly difficult to find,” said Jonathan Morduch, a director of the U.S. Financial Diaries project, an in-depth study of 235 low- and moderate-income households. “This shift has left many more families vulnerable to income volatility.”
Ever-changing schedules at Victoria’s Secret, for example, make it difficult for Ms. Casares, 27, to find care for her 2-year-old and 6-year-old and to cover the bills. “The lowest hours I’ve gotten is 15 and the highest I’ve gotten is 39,” said Ms. Casares, who started in October, earning $10 an hour. The schedule is usually posted a month in advance, she said, but there are frequently last-minute changes.
