Sharing economy platforms like TaskRabbit and Uber are struggling to retain their workers—and now, we have a better idea as to why. Average monthly earnings for labor platform contractors have fallen 6% since June 2014, according to a new analysis by the JPMorgan Chase Institute.
The declining wages are due in part to increased competition, which has led to lower prices. (No wonder over half of Uber drivers quit within a year.)
However, the change in wages differs dramatically from city to city. In Atlanta, for example, average monthly earnings dropped 10% between June 2016 and June 2015, landing at $647. But in Los Angeles, over the same period, earnings rose 14% to $960.
[Photo: Flickr user Renate Dodell]