US gross job gains 7mn & gross job losses 6.6mn in Q3 of 2013

India Infoline News Service | Mumbai |

In third quarter 2013, gross job gains from opening and expanding private sector establishments were 7.0 million.

From June 2013 to September 2013 gross job gains from opening and expanding private sector establishments were 7.0 million, a decrease of 168,000 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 6.6 million, an increase of 77,000 jobs from the previous quarter.

The difference between the number of gross job gains and the number of gross job losses yielded a net employment gain of 421,000 jobs in the private sector during the third quarter of 2013.

The change in the number of jobs over time is the net result of increases and decreases in employment that occur at all businesses in the economy. Business Employment Dynamics (BED) statistics track these changes in employment at private business units from the third month of one quarter to the third month of the next. Gross job gains are the sum of increases in employment from expansions at existing units and the addition of new jobs at opening units. Gross job losses are the result of contractions in employment at existing units and the loss of jobs at closing units. The difference between the number of gross job gains and the number of gross job losses is the net change in employment.

The BED data series include gross job gains and gross job losses at the establishment level by industry subsector and 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.

Gross job gains at expanding establishments totaled 5.7 million in third quarter 2013, a decrease of 153,000 jobs from the previous quarter.
Opening establishments accounted for 1.3 million jobs gained in third quarter 2013, a decrease of 15,000 jobs from the previous quarter.

Contracting establishments lost 5.4 million jobs in third quarter 2013. This is an increase of 136,000 jobs from the prior quarter.

In the third quarter of 2013, closing establishments lost 1.2 million jobs, a decrease of 59,000 jobs from the previous quarter.
Gross job gains represented 6.1 percent of private sector employment in third quarter 2013, while gross job losses represented 5.8 percent of private sector employment.

In third quarter 2013, the number of establishment births (a subset of the openings data, see the Technical Note for more information) decreased by 11,000 to 215,000. These new establishments accounted for 792,000 jobs, an increase of 15,000 from the previous quarter.

Data for establishment deaths (a subset of the closings data) are available through fourth quarter 2012, when 675,000 jobs were lost at 182,000 establishments. These figures represent a decrease from the prior quarter when 684,000 jobs were lost at 185,000 establishments.

During the third quarter of 2013, gross job gains exceeded gross job losses in all industry sectors except: natural resources and mining, manufacturing, utilities, information, and leisure and hospitality. The professional and business services sector, which includes temporary help services, experienced a net increase of 123,000 jobs as a result of higher gross job gains (1,360,000) and fewer gross job losses (1,237,000) this quarter. This represents the largest over the quarter net employment change of all industry sectors, and it is the sixteenth consecutive quarter of net job growth for this sector.
 

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