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The U.S. private sector saw a net gain of 332,000 jobs in the second quarter of 2023, the Bureau of Labor Statistics has said.
Opening and expanding private-sector establishments saw an increase of 8.1 million jobs in the March-June quarter which marked job growth of 79,000 from the previous quarter, the BLS press release said.
In the same quarter, closing and contracting private sector firms witnessed job loss of 7.8 million, which was an increase of 723,000 jobs from the previous quarter, the BLS website said.
From March 2023 to June 2023, gross job gains from opening and expanding private-sector establishments were 8.1 million, an increase of 79,000 jobs from the previous quarter, the U.S. Bureau of Labor Statistics reported today. Over this period, gross job losses from closing and contracting private-sector establishments were 7.8 million, an increase of 723,000 jobs from the previous quarter.
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BLS clarified that the change in the number of jobs over time is the net result of increases and decreases in employment that occur at all private businesses in the economy that the Business Employment Dynamics (BED) statistics track.
The BED data series include gross job gains and gross job losses by industry subsector, for the 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands, as well as gross job gains and gross job losses at the firm level by employer size class.
In the second quarter of 2023, gross job gains represented 6.2 percent of private-sector employment. The gains include increases in employment from expansions at existing establishments and new jobs at opening establishments. Expanding establishments contributed 6.5 million jobs, a slight fall from the previous quarter, while opening establishments added 1.6 million jobs.
During the period, gross job losses accounted for 5.9 percent of private-sector jobs. Contracting establishments saw a loss of 6.3 million jobs, an rise from the earlier quarter, and closing establishments lost 1.5 million jobs, an increase from the previous quarter.
Firm size also played a role in employment changes in this period. Firms with 1 to 49 employees saw no change in net employment, while those with 50 to 249 employees and those with 250 or more employees showed net employment gains.
The said that 8 out of 13 industry sectors witnessed net job gains. Service-providing industries saw net job gain of 300,000, and goods-producing industries 32,000 jobs.
Read the full BLS press release here
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