"Ege Aksu, an economist at workforce intelligence company Revelio Labs, analyzed shifts in US entrepreneurship and hiring over the past few years, using data from public professional profiles on platforms like LinkedIn posted between 2019 and this past June. Clear patterns emerged: when hiring fell, the share of job switchers transitioning into entrepreneurship tended to heat up. Aksu told Business Insider that people may be starting businesses out of necessity."
"Self-employment in many different forms is on the rise. ADP Research found that the number of independent contractors - which can include a range of workers, from delivery work to gig economy freelancers - surged by 50% between 2019 and 2024. "This growth accelerated in the second half of 2020 and first half of 2021, driven by pandemic-driven labor shifts, remote work, and the expansion"
Analysis of public professional profiles from 2019–June 2024 shows that hiring cooled from a 2022 peak while transitions into entrepreneurship rose. When hiring fell, a larger share of job switchers moved into entrepreneurship. Labor-market indicators such as quits, layoffs, and hiring remained low during a period described as a 'Great Freeze,' and hiring gains were concentrated. Many people may be starting businesses out of necessity. Independent contracting surged about 50% from 2019 to 2024, with growth accelerating in late 2020 and early 2021 driven by pandemic labor shifts, remote work, and platform expansion. Prospective entrepreneurs should assess finances and skills.
Read at Business Insider
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