Saturday, April 02, 2005


Ignore the Employment Pessimists

Yesterday's employment report was quite good, as the rate dropped down to 5.2%. "Experts" focused on 110,000 new payroll jobs, supposedly lower than needed or expected (but even that's a good number considering how CEOs are with tight budgets). Did anyone see the 357,000 new jobs reported by the household survey in much of the business press? My 12-month moving average of net new businesses was up to 68,830 (that's 825,960 news businesses in the last 12 months). Few, even among business reporters really recognize, or report, the confluence of technological, social, and legal factors that are turning us into a "1099 nation." Self-employment is not an abberation or something to be looked down on, it gives our economy resilience and better ability to react to, and create, change.

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