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Income From Digital Platforms - 3/2/16

The share of Americans earning income from digital platforms such as Uber, eBay and Airbnb is expanding rapidly.  For the most part, these activities supplement income rather than replace full time work.  According to a study of bank transactions by the JPMorgan Chase Institute, nearly one percent of U.S. adults earned income in September of last year via one of the growing number of firms that are part of the sharing or gig economy. 

Thanks in large measure to Uber, participation is such sharing platforms is exploding.  In October of twenty twelve, only zero point one percent of adults earned money through such platforms.  As reported in the Wall Street Journal, at two point five million, the sharing labor force is roughly equivalent to the number of people working for public schools in the U.S. 

However, while most educators hold down full time jobs, the sharing economy is largely oriented around part-time positions.  And most of these people have other sources of income.  The average income for someone who supplied labor via a sharing platform is a bit more than five hundred dollars per month.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.