00:00It's Benzinga, bringing Wall Street to Main Street
00:02America's labor market continues to weaken as delayed government data approaches,
00:06and a new Goldman Sachs report shows that gig work is filling the gap for many workers,
00:11according to TipRanks. The report said that about one in five people who lost income
00:15had hours cut or were laid off turned to platforms like Uber, DoorDash, and Instacart to replace
00:21earnings. Goldman found that gig work grew the most in areas where payroll job growth slowed,
00:26which typically pay about half to two-thirds of prior wages and provide neither benefits nor
00:31reliable hours. Goldman said modest wage gains for gig workers haven't eased financial strain
00:37and warned that gig jobs wouldn't be able to support workers broadly in a recession.
00:41Analysts said DoorDash has the most upside while Instacart has the least.
00:45For all things money, visit Benzinga.com.
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