New Research Indicates Contract Work and Self-Employment More Common than Previously Known

A recent research paper which you can access here reports that the share of self-employed people and contract workers may be a significantly higher percentage of the workforce than previously suggested, with the most likely explanation for the undercount being that traditional survey and reporting methodology had failed to accurately reflect the size and influence of the so-called gig economy. 

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While previous estimates of self-employed workers put the figure around 7% of the workforce, this research indicates that number is likely more than double that figure at around 15%. 

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‍A piece in Bloomberg notes some of the broader implications of this revelation, including the more limited access to benefits and other employee protections across the workforce than previously believed, as well as this phenomenon potentially explaining in part how consumer spending has remained so resilient despite rising inflation.