September 4, 2017 – A new index called Radly Bates Index has indicated a fall in entrepreneurial activity in the US in July, 2017. The announcement was made by the two founders of S7 Group, a private investment company based in California. Both Adam Radly and Bob Bates have launched a new index designed to track entrepreneurial activity in the United States and the new index called RBI measures the percentage of the active workforce that is self-employed.
“I think we can interpret the percentage of Americans that wants to be self-employed as an indicator of “small business confidence,” said Adam Radly, Co-founder of the newly launched RBI. “Our new index will update monthly at the same time as the monthly jobs data is released and is based on data from the US Bureau of Labor Statistics,” he added. According to his partner Bob Bates, the self-employment in America peaked at 9.58% in February and has been declining ever since.
In July, there were 14.9 million self-employed Americans and 160.5 million employed Americans resulting in a self-employed percentage of 9.31% for July, hence the RBI in July is 9.31%. According to Adam Radly, the monthly jobs data attract a lot of attention for obvious reasons, but jobs are created by businesses. In order for jobs to be created, businesses need to grow or increase in number or both.
“As an organization that invests capital and raises capital for small businesses, what we are most interested in is whether the gigs on the side grow into real businesses that employs other people and need growth capital”, said Bob Bates. Moreover, the RBI will also provide a mechanism for monitoring self-employment rates as we seek transition from regular work into the new gig economy. Furthermore, the RBI will be updated in September when the August jobs data is released.
About Radly Bates Index
The Radly Bates Index (“RBI”) is part of the S7 Group, a private investment company that invests in small businesses directly and also raises capital for small businesses. More information about the RBI can be found here. Adam Radly and Bob Bates can be available for comment through this email address: firstname.lastname@example.org