Net Private Sector Job Gains Back to 2006 Levels
1. From June to September 2011 gross job gains from opening and expanding private sector establishments were 7.1 million, an increase of 166,000 jobs from the previous quarter. That was the largest quarterly increase in more than three years, since the second quarter of 2008.
2. Over this period, gross job losses from closing and contracting private sector establishments were 6.3 million, a decrease of 9,000 jobs from the previous quarter, and the lowest quarterly employment loss since the BLS started tracking these data in 2000.
3. The difference between the number of gross job gains and gross job losses yielded a net employment change of 753,000 jobs in the private sector during the third quarter of 2011. This is the largest net job gain since the first quarter of 2006 (see chart above).
4. By industry, every sector of the economy experienced net job gains in the third quarter with the exception of Utilities, which lost 1,000 jobs. The construction sector had a net increase of 65,000 jobs in the third quarter of 2011, following a gain of 36,000 jobs in the previous quarter, reversing jobs losses in previous quarters.
MP: With net private sector job gains in 2011 returning to pre-recession levels, it's another sign that the labor market is gradually improving and we expect those improvements to continue in the coming year.