Quote from Ndubuisi Ekekwe on October 5, 2020, 7:26 PM

As expected, too much gig (freelance) in the economy is not a sign of strength. It is indeed a cause for concern. When you have many freelancers, it means formal jobs are limited. With the pandemic, the U.S. is moving into that redesign. Yes, the number of people in the gig world in the U.S. has increased.

Is the gig economy the way forward? More than a third of American workers — roughly 59 million people — took on some freelance work this year as the pandemic spurred rapid changes in the job market, according to a report commissioned by Upwork. Independent contract work altogether brought in some $1.2 trillion in annual earnings, marking a 22% increase from last year. The trend is also reflected in U.S. Census Bureau figures, which show a rise in self-employment, as well as in the valuations of businesses tied to freelance work, Bloomberg reports.