The gig is up for ride sharing.
Drivers for services like Uber, Lyft, UberEats and Postmates made 53 percent less last year than they did in 2013, according to a new study by the JP Morgan Chase Institute.
The study, which looked at deposits made into the Chase accounts of customers who identify as workers in the gig economy, found that their average monthly compensation plummeted last year to $783 from $1,469 in 2013.
The gig economy has grown increasingly popular as services like Uber and Lyft have exploded in size. While fewer than 2 percent of Americans reported having participated in it in 2013, close to 5 percent say they were a part of it this year.
Nearly half that number — 2.4 percent — worked in transportation.
JP Morgan suggested that the growing number of drivers could have put downward pressure on hourly wages, or that drivers may be averaging fewer hours than before.
“Regardless of whether the drop in earnings was caused by a fall in wages or hours or both,” the study reads, “it indicates that driving has become less and less likely to replace a full-time job over the past five years, as more drivers have joined the market.”
Uber countered on Monday that the declining dollars are the result of a rise in drivers who choose to work part-time rather than full-time.
“The growth in on-demand work is driven, in large part, by people who use platforms like Uber on the side,” an Uber spokesperson told Recode.
“Given the growing share of people who use platforms like Uber only occasionally, a more appropriate metric to focus on would be average hourly earnings, which have remained steady over time.”
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