Job losses 7.8 million, job gains 7.6 million, during the third quarter of 2023
May 20, 2024
From June 2023 to September 2023, there were 7.8 million gross job losses in the closing and outsourcing of private sector enterprises. During this period, gross job gains from the opening and expansion of private sector enterprises were 7.6 million. The difference between the number of gross job losses and the number of gross job gains resulted in a net employment loss of 192,000 jobs during the third quarter of 2023.
| category | 3 months until September 2023 |
|---|---|
|
Labor earnings
|
7,559,000 |
|
In expanding enterprises
|
6,001,000 |
|
At the opening of the facilities
|
1 558 000 |
|
Job losses
|
7,751,000 |
|
In contracting institutions
|
6,174,000 |
|
In closing facilities
|
1 577 000 |
|
Net employment change
|
-192,000 |
In the third quarter of 2023, gross job losses represented 5.9 percent of private sector employment. Contracting enterprises lost 6.2 million jobs and closing enterprises lost 1.6 million jobs.
Gross job gains represented 5.8 percent of private sector employment in the third quarter of 2023. Job gains at expanding businesses totaled 6.0 million, while business opening gains totaled 1.6 million.
These data are from the Business Employment Dynamics program and are seasonally adjusted. For more information, see Business Employment Dynamics – Third Quarter 2023. Also see the charts related to the latest Business Employment Dynamics news release. An enterprise is defined as an economic entity that produces goods or services, usually in a single physical location, and engages in one or primarily one activity.
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