The Gig Economy: Another Perspective on the Labor Market

Goldman Sachs

Jessica Rindels

Research

16 Pages

Goldman Sachs takes a fresh look at the gig economy as a lens into a cooling United States labor market. The note asks how much gig work supplements income after job loss or reduced hours, what it reveals about hidden employment, and whether platform work can cushion future downturns.

Key Takeaways

Gig worker profile: Gig workers skew younger, more female, more part time, and more likely to juggle multiple jobs than traditional workers.
Hidden employment: Surveys miss some gig activity, meaning official employment and participation rates likely understate how many people are actually working.
Income safety valve: Many workers turn to gig work after pay cuts or reduced hours, softening shocks but rarely fully replacing lost earnings.
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