As of October, there were about 9.44 million unincorporated self-employed individuals in the United States, as per the bureau’s data. In October 2020, there were about 8.78 million unincorporated self-employed individuals in the country.
The latest figures amount to a rise of 500,000 people since the start of the pandemic and an increase of 6 percent in the number of self-employed, while the overall U.S. employment total remains nearly 3 percent lower than it was before the pandemic.
The figures come as more hiring difficulties appear to be on the horizon for U.S. firms amid a weak labor supply, according to the bureau’s most recent jobs report.
The October participation rate is 1.7 percentage points lower than February 2020, during the height of the COVID-19 pandemic.
“The recent rise in COVID-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation,” Powell told the Committee on Banking, Housing, and Urban Affairs and Senate lawmakers on Nov. 29. ”Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions.”
He didn’t discuss any proposed monetary policy actions by the central bank or whether officials are considering changing the pace of the tapering of its asset purchases.
“We understand that our actions affect communities, families, and businesses across the country,” Powell said. “Everything we do is in service to our public mission. We at the Fed will do everything we can to support a full recovery in employment and achieve our price-stability goal.”
As federal officials are pulling back bond purchases in line with falling unemployment levels, it’s unclear how the emergence of the Omicron variant will affect those plans.