Self-Employment in Canada – Fewer nascent businesses

• • The uncertainty of the pandemic, strong labour markets, and soaring inflation have sped up a decades-long decline in the self-employment rate.
  • Most of the pullback in self-employment comes from businesses with paid help. This could be a problematic trend for small business creation in Canada.
  • Self-employment (with paid help) has become less attractive to Canada’s younger workers, a fact unlikely to change anytime soon.
  • The bottom line: Entrepreneurship is becoming less enticing for Canadians. With Canada’s aging population, as more small business owners exit, there will be fewer nascent businesses to take their place

Chosen excerpts by Job Market Monitor. Read the whole story @  RBC Royal Bank