Right now, hidden in the otherwise strong employment numbers, is a boom in self-employment, freelance workers, and independent contractors. In other words, people are hanging their own personal shingles and working for themselves.
And that's created an incredible profit opportunity for the tech stock we're about to show you today.
According to new reports, the barely talked-about freelance workforce is growing three times faster than overall labor growth. Right now, it contributes $1.4 trillion to the economy. Money Morning Defense and Tech Specialist Michael A. Robinson says is the very definition of "disruption" out there in the real economy.
August was the 95th consecutive month in which American employers hired more people than they fired. This is the longest such streak on record and, in part, explains why there are 6.9 million unfilled jobs in America.
It's never been a better time to follow your dreams and start a business, even if it's just taking a freelance assignment from time to time.
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What kinds of jobs fit this trend?
Almost anything, these days, from blogger to truck driver; part-time lawyers, accountants, real estate sales agents, handymen/women, and advisors. In fact, 57.3 million people were technically self-employed last year, according to Freelancing in America 2017.
That counts folks who freelanced for the same firm for years, doing almost everything a regular salaried employee does but not getting some of the benefits. What they gain is the flexibility of schedule and sometimes the option to pick and choose their assignments.
With no need to ask a boss for vacation time six months in advance, it's no wonder this segment of the labor force is growing so fast. The National Federation of Independent Business found last month that small-business optimism is at its highest ever in the 45 years it's been surveying members.
Don't forget that business trends are still moving toward more automation through robots and artificial intelligence. Freelancers can be nimbler and work on updating their skills that permanent employees in a firm cannot address. They can work in two areas at the same time, honing their abilities and adapting with the times.
It is also a great time for companies that cater to the independent contractor and small-business operator.
And we have a tech stock to buy today that is raking in profits from this trend...
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Robinson thinks that business software maker Intuit Inc. (NASDAQ: INTU) is in a great position to profit. Best known for its TurboTax package and its 50 million users, there is so much more here to like.
The company boasts more than 5.5 million small businesses and self-employed people as clients with products such as the accounting package QuickBooks. With QuickBooks, independents can track their banking, sales, expenses, taxes, reports, and more in a single dashboard.
In 2014, it really picked up the pace with self-employed clients when it launched QuickBooks Online Self-Employed. It became one of the company's fastest-growing products with over 700,000 users. In fact, Intuit's self-employed and small business unit grew 18% in the most recent quarter, as compared to a year earlier.
With their internal intelligence showing that independents will make up 43% of the workforce by 2020, the future looks rather bright.
And it did not end there. The company also realized its customers wanted to separate business and personal expenses. That's why it launched Mint, a cloud-based app that allows users to track their bills, get alerts about upcoming bills, get credit checks, set and maintain budgets, and get tips on how to save money.
With this two-pronged approach, Intuit is poised to grow its earnings. Just last quarter, it doubled earnings per share to $0.18. And last week, the company reaffirmed its Q1 and FY19 guidance.
Last year, Intuit launched QuickBooks Capital. This software makes it easier for small businesses to get access to capital for the short term (up to $35,000 for six months), powered by Intuit's bookkeeping software. The company sees this as a huge opportunity to further serve the small-business segment.
Think about how many economic trends Intuit is riding. The economy is humming, and employment is at record highs. That means business is plentiful for independents. And the labor force is shifting in favor of those independents.
As Robinson always says, the road to wealth is paved with tech. And tech targeting one of the fastest-growing needs is even better.
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