Dive Brief:

• Is the "gig" economy leading to the ruination of the American job market? Not really, according to John Silvia, the chief economist at Wells Fargo & Co. His recent report on the gig economy takes a different perspective, Philly.com reports.
• Gig work reflects the more flexible or fragmented work arrangements of many in today's labor market, namely Uber and Lyft drivers, TaskRabbit "freelance laborers," Upwork free-lancers, and Etsy salespeople, Silvia writes in his report, adding that its impact at this point is "overblown" –though it has potential.
• According to Philly.com, Silvia's review of job data found little proof that this is as big a trend as people believe, at least for now: "It still looks to be a small share of workers, and small source of their income," he writes.

Dive Insight:

Silvia also wrote that the gig economy – which often features smartphone apps and part-time work – isn't as "shiny" as eager venture capitalists want to believe or as hostile as labor organizers say it is.

Part-time flexible jobs "could help to boost labor force participation, increase productivity and provide a means of supplementing income," Silvia wrote. "On the other hand, the disappearance of reliable, ongoing employment" might translate into fewer workers enjoying employer-paid health plans and other related benefits, for example.