New quarterly data on business employment dynamics have been issued by the Bureau of Labor Statistics. These data quantify the sizable number of jobs that appear and disappear in the U.S. economy each quarter.
Opening and expanding private sector business establishments gained 7.7 million jobs in the fourth quarter of 2002, while closing and contracting establishments lost 7.8 million jobs. This led to a net employment loss of 70,000 jobs.
Expanding establishments gained 6.1 million jobs in the quarter, while opening establishments accounted for a gain of 1.6 million jobs. Contracting establishments lost 6.2 million jobs, while closing establishments accounted for a loss of 1.6 million jobs. Expanding and contracting establishments thus accounted for most jobs gained and lost.
These data are from Business Employment Dynamics. Data presented here are for workers in private industry covered by State unemployment insurance programs. Find more in "New Quarterly Data on Business Employment Dynamics From BLS" (PDF) (TXT), news release USDL 03–521.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, New statistics on business employment dynamics at https://www.bls.gov/opub/ted/2003/sept/wk5/art03.htm (visited September 24, 2023).