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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.
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.
The number of new establishments increased by 11,000 to 322,000, contributing 1 million jobs, an increase of 41,000. Establishment deaths in Q1 2023 resulted in 822,000 job losses at 292,000 establishments, a decrease of 77,000 from Q4 2022.
Small firms (1-49 employees) saw a net employment increase of 221,000, medium-sized firms (50-249 employees) had a net gain of 112,000, while large firms (250+ employees) experienced a net employment decline of 41,000.
Seven out of 13 industry sectors reported net job gains. The service-providing industries led with a net gain of 348,000 jobs, while goods-producing industries saw a net decrease of 4,000 jobs.
Meanwhile, 41 states, along with Puerto Rico, recorded more gross job gains than losses in Q4 2023, highlighting widespread employment growth across the nation.
Read the full BLS press release here