November 25, 2008
Opening and expanding private sector business establishments gained 7.1 million jobs in the first quarter of 2008, a decrease of 546,000 from the previous quarter. Over the quarter, expanding establishments added 5.7 million jobs while opening establishments added 1.4 million jobs.
Gross job losses totaled 7.4 million in the first quarter of 2008, an increase of 34,000 from the previous quarter. During the quarter, contracting establishments lost 6.0 million jobs, while closing establishments lost 1.4 million jobs.
The difference between the number of gross jobs gained and the number of gross jobs lost yielded a net change of -270,000 jobs in the private sector for first quarter 2008. This is the second time in the past three quarters that there has been a net job loss.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Quarterly job gains and losses, March 2008 at https://www.bls.gov/opub/ted/2008/nov/wk4/art02.htm (visited October 21, 2021).