According to data compiled by the Federal Reserve Bank of St. Louis, applications for new businesses in the U.S. hit a record high of more than 883,000 during the second quarter of 2020, building on a trend toward self-employment in recent years. And the U.S. Census Bureau's statistics for the third quarter are showing an even more dramatic spike. During the week ending Sept. 26, 2020, new business applications increased 44% from the same period in 2019 to over 95,000.
The reason? For many people, layoffs during the pandemic were the last straw, and working for themselves and marketing their skillsets is easier than ever thanks to advances in technology. There are plenty of ways to invest in this emerging movement as well. Five that I think are worth a look for the decade ahead are Etsy (NASDAQ: ETSY) , Shopify (NYSE: SHOP) , Wix.com (NASDAQ: WIX) , Fiverr (NYSE: FVRR) , and Cloudflare (NYSE: NET) .
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5 Stocks That Will Benefit From the Self-Employment Boom