U.S. Records 344,000 Net Gain of Jobs in Q4 2023
Gross job gains during the quarter touched 7.8 million while gross job losses dipped to 7.5 million
U.S. private sector reported a net gain of 344,000 jobs in the fourth quarter of 2023 with seven of 13 industry segments showing net job gains, the Bureau of Labor Statistics reported on Wednesday.
The gross job gains during the period reached 7.8 million, an increase of 264,000 from the previous quarter. Gross job losses fell to 7.5 million, a fall of 272,000, resulting in a net employment gain of 344,000 jobs, according to the BLS report.
Service-Providing Industries Lead Job Gains
The fourth quarter saw a notable increase in employment due to expansions and openings, with expanding establishments contributing 6.2 million jobs, up by 201,000 from the previous quarter. New establishments added 1.6 million jobs, a rise of 63,000. Conversely, job contractions and closures decreased, with contracting establishments losing 6 million jobs, a reduction of 202,000, and closing establishments losing 1.5 million jobs, down by 70,000.
