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Job losses 7.8 million, job gains 7.6 million, during third quarter 2023

May 20, 2024

From June 2023 to September 2023, there were 7.8 million gross job losses at closing and contracting private-sector establishments. Over this period, gross job gains from opening and expanding private-sector establishments 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.

Private-sector gross job gains and losses, June 2023–September 2023
Category 3 months ended September 2023

Job gains

7,559,000

At expanding establishments

6,001,000

At opening establishments

1,558,000

Job losses

7,751,000

At contracting establishments

6,174,000

At closing establishments

1,577,000

Net employment change

-192,000

Note: The net employment change is the difference between total job gains and total job losses.

Data are seasonally adjusted.

In the third quarter of 2023, gross job losses represented 5.9 percent of private-sector employment. Contracting establishments lost 6.2 million jobs, and closing establishments 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 establishments totaled 6.0 million, while gains at opening establishments 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 charts related to the latest "Business Employment Dynamics" news release. An establishment is defined as an economic unit that produces goods or services, usually at a single physical location, and engages in one or predominantly one activity.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Job losses 7.8 million, job gains 7.6 million, during third quarter 2023 at https://www.bls.gov/opub/ted/2024/job-losses-7-8-million-job-gains-7-6-million-during-third-quarter-2023.htm (visited June 13, 2024).

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