Gig Economy Take II: Nearly Entire Increase in Employment Since 2010 is in Gigs!

By: Mike Shedlock | Tue, Mar 29, 2016
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In my report, How Big is the "Gig" Economy? What about "Permatemps"? I accidentally put commas in the wrong place when reporting the estimated increase in "gig" employment.

With commas in the correct place, the estimated increase in gig employment between 2010 and 2015 is 10,058,540 not 1,005,854 as originally shown.

The BLS shows employment rose 10,628,000 in the same period.

Thus, nearly the entire increase in employment (94.6%) since 2010 has been in the gig economy!


Gig Statistics

  1. Total employment in December 2010: 139,301,000
  2. Total employment December 2015: 149,929,000
  3. 2010 "gig" employment (10% of line 1): 13,930,100
  4. 2015 "gig" employment (16% of line 2): 23,988,640

I used "Civilian Employment", a household survey measure, in my calculations, for reasons fully explained in the original article.

According to the BLS, the growth in employment from December 2010 to December 2015 was 10,628,000. This number was reported correctly.

The study estimates 10% of employment in 2010 was gigs compared to 16% of employment in 2015.

Putting commas in the right place on lines three and four, the increase in gig employment in the same period is 10,058,540 not 1,005,854 as originally shown.

Only one person caught this error. Thanks Jan "JdJ"!

Virtually the entire increase in employment (94.6%) since 2010 was in the "gig" economy!

 


 

Mike Shedlock

Author: Mike Shedlock

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Mike Shedlock

Michael "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Visit http://www.sitkapacific.com/ to learn more about wealth management for investors seeking strong performance with low volatility.

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