A recent report has stated, while unemployment is low, wages haven’t changed. What does this mean?
Chances are that the growing number of ‘gig workers’ who exist in our economy may actually be self-reporting as employed, although they are not technically employed.
Independent contractors fall through the cracks when reporting employment stats. They are not employed, yet they are still earning some sort of income. Unfortunately, that income is not consistent. Since they are technically self-employed, the unemployment rates drop. However, that means the actual level if income would not rise. Gig workers are not making a consistent enough income for those numbers to see the kind of increase as traditional employment would.
While we can definitely celebrate those who supplement their income to survive, and I fall within this category, it is harder for them to survive as well. It requires a dependance on endless advertising and the hope that hard work will pay the bills.