Number of US Jobs Finally Increases
Recent findings by the Bureau of Labor Statistics show that the number of new jobs created in the US has been increasing since last summer. From March to June of 2010 the number of gross job gains from opening and expanding private sector establishments, increased to 6.9 million.
But here's the rub: over that same period, gross job losses from closing and contracting private sector establishments were 6.2 million, meaning there are only an additional 700,000 jobs out there. Still, job losses have steadily decreased from a recent high of 8.5 million in December 2008 to the lowest level since the series began in September 1992.
In the second quarter 2010 the net change in employment was 728,000, to be exact. That's not a lot when you consider more than 10 million Americans are out of work, but at least this represents the first positive net employment change since the recession began in December 2007 and the largest since March 2006.
Other interesting stats from this most recent report include:
Contract jobs doing better: Contracting establishments lost 5.1 million jobs in the second quarter of 2010. This is the smallest number of jobs lost at contracting establishments since the series began in September 1992.
Expanding businesses growing faster: Second quarter job gains at expanding establishments rose to 5.7 million after falling slightly in March 2010. Job gains at expanding establishments have increased in four of the last five quarters.
Fewer job losses from closures: From March to June 2010 closing establishments lost 1.1 million jobs, a decrease from the previous quarter's loss of 1.2 million.
New businesses employing more: Opening establishments gained 1.3 million jobs, an increase from the previous quarter when opening establishments created 1.1 million jobs.
Business sectors mixed: The financial activities, utilities, and information sectors were the only sectors to post a net decrease in employment during second quarter 2010. The construction sector was slightly positive in second quarter of 2010 with a net employment change of 1,000. This represents the first positive net employment change for this industry since March 2007.