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Early in the COVID-19 pandemic, the proportion of self-employed Canadians jumped sharply. Out of work? Try dog walking or consulting.
On the surface, a decline in self-employment could be seen as a worrying trend, tied to weakening entrepreneurship. However, the story is more complicated when you look under the hood.Bank of Canada economists this week separated self-employment into two categories: entrepreneurs and “the marginal self-employed” . It found that the proportion of incorporated individuals has remained fairly steady since 2000, while the proportion of unincorporated workers has declined markedly.
In other words, more people who were working for themselves out of necessity rather than entrepreneurial zest appear to be finding gainful employment. And that trend appears to have picked up given the high demand from businesses for workers coming out of the pandemic.
Cent Self-Employment Proportion Trend People Decline Decade Pandemic Bank Of Canada Erik Ens. Boc
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