Friday, November 17, 2006

Job production and destruction 

This is still one of my favorite government reports. I know, what an exciting life!
From December 2005 to March 2006, the number of job gains from opening and expanding private sector establishments was 7.6 million, and the number of job losses from closing and contracting establishments was 6.8 million, according to data released today by the Bureau of Labor Statistics of the U.S. Department of Labor. Gross job gains exceeded gross job losses in all sectors, except manufacturing, information, and utilities. Firms with 20 to 49 employees accounted for 18.9 percent of the net gains in employment, representing the largest contribution to employment growth among all firm size classes.
It is worth noting that manufacturing continues to shrink, with a net job loss of 4000 that quarter. The information sector had a net loss of 3000. Almost a quarter of the net gain of 616,000 in service-providing jobs were in the leisure and hospitality sector.