I’ve often thought that the method by which we defined employment was no longer adequate. How do you explain slightly increasing consumer spending with the labor participation rate falling here in the US? Many of us are creating are our own opportunities and, thus, creating smaller enterprises to do so. I believe the many people leaving the traditional labor market (measured by our unemployment rate) are becoming entrepreneurs. Whether the title is self-employed, freelancer, or sole proprietor, many people are making money working with other companies rather than for those companies. Clem Sunter explains it so well in this interview last week at the Private Equity in Southern Africa Conference in Spier, Stellenbosch, South Africa. Worth a listen on 3 megatrends playing out right now: the aging of the world, increased natural disasters, and the rise of entrepreneurs. I’ll have to pick up the book.