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

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.

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.