59 Million Americans are doing Freelancing – Generating $1.2 trillion in annual earnings

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59 Million Americans are doing Freelancing

59 million Americans are doing freelancing, which is about 40% of the US workforce, tells an Upwork report. Many skilled freelancers are earning about $80,000 in annual income offering various skills.

The job market has changed dramatically as more and more Americans turn to freelance during pandemic. This new trend is yet to become a standard. Youngsters prefer flexible work alternatives to full-time employment, as the global economy has imposed a lockdown since March. Most importantly, the fact of the matter – there are no jobs here.

KEY POINTS

  • This was an increase of 22% since 2019, and partly due to the influx of younger flexible. Highly skilled professionals seeking a flexible alternative to traditional employment.
  • A study by Upwork on Tuesday revealed that more than a third of the American workforce freelance amid the Covid-19 pandemic, contributing $1.2 trillion to the U.S. economy.

Shares of Upwork (NASDAQ:UPWK) rose 14.5% in September, according to S&P Global Market Intelligence.

The Upwork report always states that 36% of freelancers do freelancing, a massive 8% increase from 2019. Seventy-five percent of those who have quit their full-time job say they earn more or less in freelancing than in their traditional job. And 22% have reported an increase in their total annual freelance revenue, which has reached $1.2 trillion this year.

Picture Credits: Upwork Infographic Report

So, it is fair to say that the Pandemic has accelerated an freelancing trend not only in the United States but all over the world.

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