The gig economy, which includes companies like Uber, DoorDash, and Instacart, has shown strong performance and surpassed expectations in their earnings reports. This sector has been a bright spot amid the overall gloomy earnings season for the technology industry.
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The problem is the gig economy is not good for the overall economy as workers tend to take home less pay (when benies are factored in).
So the companies might be on fire but the economy is not.
And hell if a Big Mac meal cost $18, might as well Doordash some Olive Garden or something.
It’s a vicious cycle
It’s a vicious cycle
Yes it is. Of course, with AI and robots, it is going even further. We are going to see the deflationary forces kick into over drive.