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The self-employment rate in the United States is 9.80% in November (down from 9.90% in October).
The preliminary data for December of 9.84% suggests that the higher levels will be maintained but the November data is subject to adjustment and the RBI is calculated post adjustments so we will need to wait 30 days for confirmation of the November result.
“The RBI for November, along with other economic data suggests that the recent rise in entrepreneurial activity in the second half of 2017 will be sustained,” said Adam Radly, co-founder of the RBI.
In related economic news, the U.S. economy gained 148,000 jobs in December 2017 but the economy needs 150,000 new jobs each month to continue expanding. Therefore, this level of growth could keep the Federal Reserve from raising rates in January or March.
Construction added 30,000 jobs. Health care added 29,200 jobs. That’s its about 10,000 jobs lower than its normal. Leisure and hospitality added 29,000 jobs (after adding 104,000 jobs in October).
U.S. manufacturing gained 25,000 jobs due to the strong dollar subsiding. Durable goods gained 21,000 jobs. Temporary help services gained 7,000 jobs. Companies often add temp jobs when business activity rises but they aren’t confident enough to add full-time positions. Information services added 7,000 jobs. Financial activities added 6,000 jobs. The government gained 2,000 positions. The mining industry added no jobs.
The retail industry lost 20,300 jobs despite record-breaking Black Friday sales and rises in consumer spending during the holidays. Utilities lost 900 jobs (after losing 200 jobs in November).
About Radly Bates Index
The founders of S7 Group, a private investment company based in California, Adam Radly and Bob Bates have launched a new index designed to track entrepreneurial activity in the United States.
The Radly Bates Index (“RBI”) measures the percentage of the active workforce that is self-employed. The Index will be updated monthly at the same time as the monthly jobs data is released and is based on data from the US Bureau Of Labor Statistics.
The Radly Bates Index (“RBI”) is part of the S7 Group, a private investment company that invests in small businesses directly and also raises capital for small businesses. More information about the RBI can be found here and more information about S7 Group can be found here. Adam Radly and Bob Bates can be available for comment through this email address: media@s7group.com
Release ID: 289100