Tuesday, August 12, 2008

You'd never know it, but... 

...there were 23,000 more firms established in the fourth quarter of 2007 than there were firms that went out of business.

Opening and expanding private sector business establishments gained 7.7 million jobs in the fourth quarter of 2007, an increase of 401,000 from the previous quarter. Over the quarter, expanding establishments added 6.2 million jobs while opening establishments added 1.4 million jobs.

Gross job losses totaled 7.3 million, a decrease of 151,000 from the previous quarter. During the quarter, contracting establishments lost 6.0 million jobs, while closing establishments lost 1.3 million jobs.

The difference between the number of gross jobs gained and the number of gross jobs lost yielded a net change of 317,000 jobs in the private sector for fourth quarter 2007. This marks a return to positive net job gains after a net job loss (-235,000) in third quarter 2007.

Source. This despite a net loss of 107,000 construction jobs and 66,000 manufacturing jobs.

Using the QCEW database I found that 1,184 net new private-sector firms were formed in Minnesota; for the year as a whole, 16,450 more private sector jobs were in the state.

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