Another thing and I think one of the most obvious things we think of and that has been discussed here as well is people are leaving to maybe turn their side hustle into their full-time job. People are freelancing, people are turning to gig work.
There was a very interesting report that The Wall Street Journal released at the end of last year, citing a variety of sources from the U.S. government as well as other sources.
Well, one of the interesting things that stuck out to me from the report was that the Labor Department data showed that there were “500,000 more unincorporated self-employed workers than there were at the start of the pandemic”.
In addition to that, the report also found that “the number of new applications for federal tax ID numbers jumped 56% between 2019 and 2021. Two-thirds of those applications for federal tax ID numbers were for businesses expected to employ nobody other than the founder.”
Another interesting thing from that report, the percentage of workers in the U.S. who consider themselves self-employed rose from 5.4% in February 2020 to 5.9% now.
We’ve been talking a lot about how more people are freelancing. You look at platforms like Upwork and Fiverr, for example, that are very common places for people to go and find gig work.
