Getting somewhat lost in the debates around the results from the BLS's 2017 Contingent and Alternative Employment Arrangements survey (CWS) are several interesting findings about independent contractors.
The BLS defines independent contractors as someone who is self-employed and their primary job is as an independent contractor, independent consultant or freelance worker.
Key findings for this segment include:
1. 79 percent of independent contractors reported preferring independent work over having a traditional job: Also, only 9% reported they would prefer a traditional job. These results are similar to the findings of the MBO State of Independence (SOI) research study series (we contribute to this study), as well as other studies.
2. More than 1 in 3 independent contractors were age 55 or older: Again consistent with the SOI, this reflects the growing trend of older Americans becoming independent workers.
3. Average earnings for independent contractors ($851 per week) are similar to the average earnings for those with traditional jobs ($884): This shows working as an independent contractor is economically viable.
The debates mentioned in the opening paragraph mostly have to do with how the BLS defines alternative and contingent work.
See the Wall Street Journal's Don't be so sure the gig is up or Forbes' The Death of the Freelance Revolution is Greatly Exaggerated for details.
We also recommend the New York Times article Maybe the Gig Economy Isn't Reshaping Work After All. We also have an article that goes into more detail on the CWS definitions.
We'll have yet more on the CWS in the near future.
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