Gross Job Gains Decreased in Fourth Quarter 2011; Gross Job Losses IncreasedAugust 7th, 2012 by DWM Magazine
From September to December 2011 gross job gains from opening and expanding private sector establishments were 6.9 million, a decrease of 204,000 from the previous quarter, reported the U.S. Bureau of Labor Statistics (BLS). Over this period, gross job losses from closing and contracting private sector establishments were 6.5 million, an increase of 181,000 from the previous quarter.
The difference between the number of gross job gains and the number of gross job losses yielded a net employment change of 368,000 jobs in the private sector during the fourth quarter of 2011, according to the BLS.
Gross job gains at expanding establishments totaled 5.5 million in fourth quarter 2011, a decrease of 203,000 from the previous quarter. Opening establishments accounted for 1.3 million jobs gained in fourth quarter 2011, essentially unchanged from the previous quarter.
Contracting establishments lost 5.2 million jobs in fourth quarter 2011, an increase of 52,000 from the prior quarter. In fourth quarter 2011, closing establishments lost 1.3 million jobs, an increase of 129,000 from the previous quarter.
Gross job gains represented 6.3 percent of private sector employment in fourth quarter 2011, while gross job losses represented 6.0 percent of private sector employment.
During the fourth quarter of 2011, gross job losses exceeded gross job gains in the construction, information, leisure and hospitality, and other services sectors. The construction industry experienced a net employment loss of 33,000 jobs after two consecutive quarters of positive net growth.