Gross job gains 7.6 million and gross job losses 6.7 million in the 2nd quarter of 2015

[mahatmakanejeeves]

Source: U.S.Bureau of Labor Statistic

Economic News Release

Business Employment Dynamics Summary USDL-16-0157

For release 10:00 a.m. (EST)
Wednesday, January 27, 2016

Technical information: [phone] * [e-mail] * www.bls.gov/bdm

Media contact: [phone] * [e-mail]


BUSINESS EMPLOYMENT DYNAMICS: SECOND QUARTER 2015

From March 2015 to June 2015, gross job gains from opening and expanding private sector establishments were 7.6 million, an increase of 607,000 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 6.7 million, an increase of 4,000 jobs from the previous quarter. (See tables A, 1, and 3.)

The difference between the number of gross job gains and the number of gross job losses yielded a net employment gain of 829,000 jobs in the private sector during the second quarter of 2015. (See tables A, 1, and 3.)

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. (See the Technical Note for more information.)

The BED data series include gross job gains and gross job losses at theestablishment 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.
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More Information
Additional information on gross job gains and gross job losses is available online at www.bls.gov/bdm. This information includes data on the levels and rates of gross job gains and gross job losses by firm size, not seasonally adjusted data and other seasonally adjusted time series not presented in this release, charts of gross job gains and gross job losses by industry and firm size, and frequently asked questions on firm size data. Additional information about the Business Employment Dynamics data can be found in the Technical Note of this release or may be obtained by e-mailing [e-mail].



Read more: http://www.bls.gov/news.release/cewbd.nr0.htm

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The money quote from this: "The difference between the number of gross job gains and the number of gross job losses yielded a net employment gain of 829,000 jobs in the private sector during the second quarter of 2015."


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[whatthehey]

1. A good reminder of the scale of the US labor market

I can only shake my head in disbelief at those posters who extrapolate company X shedding 5,000 or even 25,000 jobs is an indication of a massive blow to the labor economy as a whole. It can surely be a massive impact to Bumblefuck, Missouri and it's undoubtedly a major loss to those individuals if they didn't see it coming and make plans, but a quick bit of math tells us that 83,500 jobs are created every single calendar day and also yes 73,500 jobs disappear. Netting that is the real national picture, but news stories (especially those highlighted on DU) always focus on the losses alone.