Business Report: How big is the gig economy? - Hawaii News Now - KGMB and KHNL

Business Report: How big is the gig economy?

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HONOLULU (HawaiiNewsNow) -

For two years economists have told us that the future of employment is the gig economy, where many of us are idle until our smart phone summons us to take an assignment. Like a musician or an Uber driver.  Two years ago economists from Harvard and Princeton said the gig economy accounted for almost all job creation. But a new Labor Department report says the gig economy SHRANK over the past decade. 

It says gigs account for 10% of all work, which may be way more than you ever imagined, but it’s down from 11% in 2005, and it’s way less than those economists estimated two years back. 

This is a good thing. Gigs are bad for the economy. They are not steady work, and people with steady work spend more. They are bad for single parents who need a sitter to work, so the gig economy can discriminate against women.

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