Growth in the number of workers joining the gig economy has slowed and wages for these jobs have declined in the last two years, according to a new study from the JPMorgan Chase Institute.
Slowing growth is happening both at companies that let people sell or lease assets — like eBay and Airbnb — as well as ones that connect workers with part-time jobs — like Uber, Lyft or TaskRabbit — the study found. For the average worker, dwindling paychecks are the new reality.
"More and more people are coming in but the earnings levels are not growing. It just raises these questions about whether this is really a sustainable marketplace for people," said Laura Greig, director of consumer research at the institute.
The study looked at deposits made into the checking accounts of more than 240,000 anonymized customers who made money from online platforms between October 2012 and June 2016. Its findings reinforced those of a report released in February.