Per Bloomberg Law
The average US workweek saw an over half an hour drop over the last three years
4/24/2023
Before the pandemic started, the average US workweek was reportedly up by over half an hour compared to the total hours today. The new research was conducted by the former Bureau of Labor Statistics Commissioner Katharine Abraham and Lea Rendell, her University of Maryland colleague.
However, the report also highlighted a labor shortfall, equivalent to 2.4 million workers. Fed senior associate director of the division of research and statistics, Stephanie Aaronson, gave a statement regarding the situation regarding weekly hours.
Aaronson: the weekly hour change is "a very significant part of the story why labor supply is so low,”
Yongseok Shin, a St. Louis Washington University professor, gave a statement regarding the job reduction compared to 2019. Three groups were highlighted to have reduced workweek hours.
- Educated young men
- High earners
- Workaholics
These three groups reportedly saw their workweek hours decrease from 55 in 2019 to 52 hours today. Shin also gave a statement regarding the situation, mentioning how the situation was more prone for those with access to remote or hybrid work.
Shin: "Nobody will notice if you call it a day a little bit earlier on a Friday,”
In fact, the recent rise of people working from has resulted in an increase in weekday golfing. Recent data showed how the number of people that played golf on weekday afternoons increased by 83% from August 2019 to August 2022.
Wednesday at 4 PM became the peak time for weekday golfing, with researchers saying that more people had additional time for "leisure activities."
Recently, Americans also started working less than they did during pre-pandemic levels. When it came to the group with the most side hustles, a report found that parents with children under 18 and younger adults were the most likely to have side hustles.
The report also found that Americans earned an average of $5,700 annually, or $473 monthly, from side hustles.
See flow at unusualwhales.com/flow.
Other News:
- Working from home has created a boom in weekday golfing
- Americans are working less than they did pre-pandemic,
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