Labor Market - “Uber, Lyft created ride-hailing shortage: Gig economy expert” [Yahoo Finance!].

  “Uber, Lyft created ride-hailing shortage: Gig economy expert” [Yahoo Finance!].

“Workers are leaving ride-hailing jobs, creating a severe labor shortage in the gig economy. Many of the problems leading up to this shortage were created by Lyft and Uber themselves, Aquent CEO John Chuang said Tuesday. ‘One, [ride-sharing companies] have very low wages,’ Chuang said. ‘And they are very undesirable jobs. Now that we have 7 million less employed workers in America right now, you know, the first jobs to go are the undesirable jobs. And unfortunately, their jobs are undesirable.’ Chuang identified the jobs’ lack of benefits and low wages as significant drawbacks to ride-hailing employment opportunities. Workers in this market do not have a Social Security net to fall back on, Chuang said, making ride-sharing a much riskier living than traditional jobs. ‘And so workers are voting with their feet,’ he said. ‘And they’re leaving these gig economy jobs.'”

https://www.nakedcapitalism.com/2021/07/200pm-water-cooler-7-8-2021.html