BUSINESS EMPLOYMENT DYNAMICS – SECOND QUARTER 2022
From March 2022 to June 2022, gross job gains from opening and expanding private-sectorestablishments were 8.3 million, a decrease of 185,000 jobs from the previous quarter, the U.S.Bureau of Labor Statistics reported today. Over this period, gross job losses from closing and contractingprivate-sector establishments were 8.5 million, an increase of 1.6 million jobs from the previous quarter.The difference between the number of gross job gains and the number of gross job losses yielded a netemployment loss of 287,000 jobs in the private sector during the second quarter of 2022.
The change in the number of jobs over time is the net result of increases and decreases in employmentthat occur at all private businesses in the economy. Business Employment Dynamics (BED) statistics trackthese changes in employment at private-sector establishments from the third month of one quarter to thethird month of the next. The difference between the number of gross job gains and the number of grossjob losses is the net change in employment. (See Technical Note.) The BED data series include gross jobgains and gross job losses by industry subsector, 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 sizeclass.
Gross Job Gains
In the second quarter of 2022, gross job gains represented 6.4 percent of private-sector employment. Grossjob gains are the sum of increases in employment due to expansions at existing establishments and theaddition of new jobs at opening establishments. Gross job gains at expanding establishments totaled 6.6million in the second quarter of 2022, a decrease of 335,000 jobs compared to the previous quarter.Opening establishments accounted for 1.7 million of the jobs gained in the second quarter of 2022, anincrease of 150,000 jobs from the previous quarter.
Gross Job Losses
In the second quarter of 2022, gross job losses represented 6.7 percent of private-sector employment.Gross job losses are the result of contractions in employment at existing establishments and the loss ofjobs at closing establishments. Contracting establishments lost 6.5 million jobs in the second quarter of2022, an increase of 996,000 jobs from the prior quarter. In the second quarter of 2022, closingestablishments lost 2.1 million jobs, an increase of 651,000 jobs from the previous quarter.
Establishment Births and Deaths
In the second quarter of 2022, the number of establishment births (a subset of the openings data)increased by 12,000 to a total of 359,000 establishments. These new establishments accounted for1.1 million jobs, an increase of 90,000 jobs from the previous quarter. Data for establishment deaths (asubset of the closings data) are available through the third quarter of 2021, when 734,000 jobs werelost at 245,000 establishments, an increase of 71,000 jobs from the second quarter of 2021.
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