The job market is shifting fast as 2026 approaches. A new report* from *Half Baked and North shows fewer single employer careers, more side income, and higher exposure to automation. Business bankruptcies rose to 23,309 in 2025, up 13.1% from the prior year.
As we look ahead, it becomes essential to understand how these changes may affect individual career paths and business strategies, particularly for younger workers. With the rise in side incomes, people are diversifying their sources of revenue, creating a network of options that could insulate against job loss.
Weilynn Tan, Head of Ecosystem Partnerships at North says of the rise in budding entrepreneurship, “36 percent of U.S. adults build side hustles. Many third-party apps start out as side projects, built during the nights and weekends by founders with a vision, or ordinary people who want to build good solutions for problems they see in an industry. But with the right integrations and ecosystem support, what begins as a hobby and side project can scale into a business that pays for a college fund or replaces a full time job entirely.”
Business bankruptcy surge
Throughout 2025 to date, the United States has witnessed a surge in bankruptcies, with 23,309 businesses filing for protection, marking a 13.1% increase over 2024, and growing. This rise in bankruptcies contributes to a more challenging employment market.
As more businesses close, the number of available employers shrinks, leading to increased competition for remaining positions. This reality is spurring entrepreneurship, particularly among younger generations.
AI and workforce displacement
Artificial intelligence (AI) is reshaping industries and altering workforce dynamics. According to Goldman Sachs Research, AI could displace 6 to 7% of the U.S. workforce in the coming years, approximately 10.2 million people. Tasks that were once considered safe from automation, especially jobs that are cognitive in nature, are now increasingly vulnerable.
This shift poses significant threats to positions such as programmers, accountants, and customer service representatives, highlighting the urgent need for adaptation and skill development in these fields.
For younger workers entering the job market, these changes present both challenges and opportunities. On one hand, the threat of displacement can be daunting.
On the other hand, younger workers often have the flexibility, adaptability, and energy to pivot and learn new skills quickly, making them well-positioned to thrive in this evolving landscape, as well as the perfect candidates to found new companies and businesses.
Gig economy growth and working with North
The gig economy is experiencing remarkable expansion, projected to reach $2.15 trillion by 2033. With an annual growth rate of 16.18%, this signals a significant shift toward flexible work arrangements.
As Tan stated above, over 36% of U.S. adults participate in side hustles, earning an average of $891 monthly. This trend is not just about supplementing income, but also about building resilience in an unpredictable job market.
In this increasingly gig-centered economy, with an open field for the entrepreneurs of today and tomorrow, North offers reliable payments infrastructure.
Attractive features include accepting card payments in person, online, and on the go. Young small business owners can enjoy same-day or next-day deposits, without extra fees. Protect your growing business with PCI-validated encryption and tokenization, allowing you to build trust through secure checkouts and clean receipts.
Start simply with payments, then expand with invoicing, inventory, and reporting as you grow. North provides live support around the clock, making it an ideal partner for first-time founders and busy gig workers.
Embracing change and building resilience
The job market is rapidly evolving, marking a shift from the traditional single, stable job toward a more dynamic landscape where adaptability and multiple income streams are becoming essential.
Embracing these changes not only helps younger workers navigate current challenges but also opens doors to new opportunities.
For young entrepreneurs, North is an excellent partner in this evolving landscape. North provides a suite of tools designed to support new and growing businesses.
From reliable payment processing to user-friendly invoicing and inventory systems, North helps young business owners manage their operations smoothly.
*All statistics and figures quoted are directly from the North and Half Baked Report, “Why Everyone Needs a Side Hustle in 2026” unless otherwise cited.
North is a leading financial technology company that builds innovative, frictionless end-to-end payment solutions designed to simplify and grow businesses of all sizes. From the front door, to the back office, the developer world, and partnerships that expand the payments landscape, North offers proactive, comprehensive merchant services, in-house processing, and more.
