Many have been quick to discount the encouraging unemployment levels reported each month (5.1% rate in September) to people leaving the workforce, as opposed to job creation. However, leaving the workforce might not be such a bad thing. TaxProf Blog makes a number of interesting observations regarding the increasing importance of independent or entrepreneurial activity in today's economy. The two key points are:

1. The number of tax returns reporting income from entrepreneurial activities has more than doubled over the past 25 years (from 13.3 million to 27.7 million in 2004).

2. The highest income taxpayers also have the highest percentage of those reporting business income on their tax returns.

So, although the payroll figures seem to be stuck in a rut, the unemployment rate really may be the most important figure reported each month.

I need to start a company... fast!