The recent U.S. Jobs report triggered some concerns throughout the economy as unemployment rose for the fourth straight month. These results have triggered much conversation relative to the state of the economy, interests’ rates, stock prices, virtually anything and everything pertaining to the economy. What continues to be most interesting, for some of us who observe the economy a bit differently, is the continued increase (no U.S. Labor Department statistics available) and continued appeal of micro entrepreneurship in its many different formats. We often refer to this as the gig economy which, from many perspectives, is becoming the new “working class.”

Here are excerpts from the recent Jobs Report release: The economy only added 114,000 jobs last month, far fewer than the 185,000 economists expected.

• Unemployment rose to 4.3% from 4.1%, tripping an alarm for economists known as the Sahm rule that signals a recession is imminent.
• But Claudia Sahm (the economist the rule is named after) said that the economy isn’t about to plunge into a recession, as unusual recent conditions have impacted the numbers.

Simple online searches continue to reveal continuous growth in the marketplace of those who engage in diverse types of gigs (forms of micro entrepreneurship) where the worker is now in control of when and how they work. This type of worker/micro entrepreneur is not measured by traditional job reports. Freedom and Flexibility in how one can work and earn an income is an exciting possibility that is very much a reality for over 65+ million persons (size of gig economy at the end of 2023).

Here is what Statista reports:

The gig economy, characterized by flexible independent work arrangements, has witnessed explosive growth over the past decade. As traditional nine-to-five jobs continue to wane, freelancing is fast becoming a mainstream career choice offering unparalleled autonomy.

• Over 75 million people currently freelance in the US — representing nearly half (48%) of the overall workforce (MBO Partners)
• Their ranks are projected to surge to 86.5 million people by 2025, and over 100 million by 2028 (MBO Partners)
• 52% of all US workers are forecast to freelance in some capacity by 2023 (MBO Partners)
• 89% of companies intend to increase their usage of freelance talent over the next 5 years (Upwork)

This continuing surge in popularity for gigs is due to the vast advances in technology which has simplified everything we do when it comes to how we do our work. But after yesterday’s lackluster jobs report, investors, politicians, and economists are asking, “How much more data do you NEED?” Some have accused the Fed of moving too slowly on rate cuts which many predict will happen in the new few months. 

We are optimistic in our view that the gig economy represents a shift in how work will be accomplished in mature economies throughout the world. This new workforce will not be measured in the same manner that we measure the traditional workforce of employees. Therefore, we see a different picture relative to the future of work where more and more people will continue to seek and engage work and income possibilities that embrace freedom and flexibility.

To view the entire Jobs Report as reported by Jeff Cox CNBC writer, click here: simmered. Other parts of this article were developed from insights provided by www.33square.com writer Kara Masterson.