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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Allie Canal · Senior ReporterUpdated Tue, November 18, 2025 at 5:34 PM GMT+1 3 min readAmerica's labor market continues to cool, and the gig economy is quietly absorbing some of the employment strain being felt across the country.A new Goldman Sachs analysis found that platform-based gig work opportunities — which include major tech players like Uber (UBER), DoorDash (DASH), and Instacart (CART) — are holding up as traditional payroll growth cools.About 20% of people who lost pay, lost a job, or had hours cut turned to gig platforms to make up the difference, the analysis said. More signs of a shrinking labor market are expected in this week's delayed September payrolls report, which is set to be released on Thursday.Goldman found that gig hours rose the most in cities where payroll growth slowed, signaling that workers are taking on extra shifts to make up for lost hours or pay in traditional jobs.That shift is happening as broader labor market cracks begin to show.Data from Challenger, Gray & Christmas reported that over 153,000 job cuts were announced in October, the worst reading for that month since 2003.And according to payroll processor ADP, private employers shed an average of 11,250 jobs per week for the four weeks ended Oct. 25. This data showed a deterioration from the firm's report earlier this month, which indicated private employers added 42,000 jobs in October, the first monthly gain since July.Uber Eats takeaway delivery courier on Brick Lane, London, United Kingdom, on June 12, 2024. (Mike Kemp/In Pictures via Getty Images) · Mike Kemp via Getty ImagesAll told, companies have announced more than 1.1 million layoffs so far this year, a 44% increase from the total number of layoffs in 2024. Tech and retail have led the reductions, with notable announcements from Amazon (AMZN), Target (TGT), and UPS (UPS), among others.Those pressures help explain why the gig economy is becoming a backstop. But even as it expands, the official data doesn’t capture the full picture.According to Goldman's work, 15% of people counted as unemployed or “not in the labor force” in federal jobs data are actually doing gig work. In other words, far more Americans are working than the headline numbers suggest but in jobs that don’t resemble traditional employment.The growing number of people who are technically working but in lower-paying, less stable roles helps explain why many Americans still feel squeezed. Workers are stitching together income from multiple sources, often without benefits, predictable hours, or the wages they earned in full-time jobs.The analysis found that gig workers earn only 50%-65% as much per hour as they did in their previous traditional jobs — even as this year's decline in immigration has marginally pushed up gig worker wages in some metro areas.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,744.75 +83.25 (+1.25%)Dow Futures46,483.00 +275.00 (+0.60%)Nasdaq Futures25,164.50 +442.75 (+1.79%)Russell 2000 Futures2,376.30 +21.40 (+0.91%)VIX23.66 -1.03 (-4.17%)Gold4,075.70 -7.10 (-0.17%)PortfolioSign in to access your portfolioSign inTop gainersNUVB Nuvation Bio Inc. 7.15 +2.35 (+48.96%)EXAS Exact Sciences Corporation 86.18 +16.50 (+23.68%)AMTM Amentum Holdings, Inc. 25.52 +3.73 (+17.12%)PACS PACS Group, Inc. 16.83 +2.40 (+16.63%)TMDX TransMedics Group, Inc. 133.47 +16.40 (+14.01%)Top losersWIX Wix.com Ltd. 101.70 -25.22 (-19.87%)DGNX Diginex Limited 13.46 -2.74 (-16.91%)QFIN Qfin Holdings, Inc. 19.23 -3.19 (-14.23%)ES Eversource Energy 65.26 -9.28 (-12.45%)POWL Powell Industries, Inc. 285.29 -36.10 (-11.23%)Most activePLUG Plug Power Inc. 1.9000 -0.2400 (-11.22%)NVDA NVIDIA Corporation 186.52 +5.16 (+2.85%)ONDS Ondas Holdings Inc. 7.50 -0.34 (-4.34%)OPEN Opendoor Technologies Inc. 6.69 -0.83 (-11.04%)ABEV Ambev S.A. 2.4700 -0.0600 (-2.37%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersNVDA NVIDIA Corporation 186.52 +5.16 (+2.85%)AVGO Broadcom Inc. 354.42 +13.92 (+4.09%)CRWV CoreWeave, Inc. 74.92 +0.02 (+0.03%)PANW Palo Alto Networks, Inc. 199.90 -1.10 (-0.55%)ETH-USD Ethereum USD 3,187.77 -11.34 (-0.35%)Top economic events