What I’m Reading
Seeds of Growth: With workers quitting their jobs at unprecedented levels, entrepreneurship is on the rise:
The number of unincorporated self-employed workers has risen by 500,000 since the start of the pandemic, Labor Department data show, to 9.44 million. That is the highest total since the financial-crisis year 2008, except for this summer. The total amounts to an increase of 6% in the self-employed, while the overall U.S. employment total remains nearly 3% lower than before the pandemic.
This trend helps to explain some of the current labor shortage. However, it is also bullish for economic growth. Some new businesses will fail and the owners will return to the labor market but others will become the job-creating engines of the future. Wall Street Journal
Virtual Reality: Gamers are buying up digital property in the metaverse, sending prices soaring – sometimes into seven figure price ranges. Wall Street Journal
Reshoring: The pandemic microchip shortage has led to billions being invested into new domestic production facilities. A bill working its way through Congress would allocated $52 billion in additional incentives if it passes. cnet The jobs at these facilities generally pay well and provide an economic boost in the communities around the areas they are developed. Its a bright spot in American manufacturing and perhaps a pandemic silver lining.
Ghost Town: Companies – especially in the tech space – keep on pushing back their return to office dates. It was assumed a year ago that offices would be bustling again by mid 2021 but that hasn’t happened. Instead, those that have embraced the hybrid workplace are looking for less office space and more flexible facilities to accommodate the variable number of employees who come in. That almost inevitably translates to lower demand for space. Computer World
Not in My Back Yard: Record ecommerce transactions have resulted in exploding demand for warehouses, with rents at all time highs and occupancy at all time lows. As a result, new warehouse developments are popping up in areas and a lot of existing residents aren’t happy about it. CNBC
Chart of the Day
Investors are getting more aggressive in the US housing market as rents rise.
Source: The Daily Shot
WTF
Milking It: A Delta airlines passenger was (allegedly) caught breastfeeding her pet cat on a flight and refused to put the cat back in its carrier when asked by a flight attendant. News.com.au
Barking Up the Wrong Tree: A man is facing a charge of video voyeurism after deputies said he was caught filming up the skirt of an undercover law enforcement officer because Florida. Fox 35
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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