While the sheer scale of private industry can seem abstract, the numbers tell a powerful story: from employing 84% of the US workforce and generating trillions in global revenue to driving innovation and grappling with safety challenges, the private sector is the undeniable engine of the modern economy.
Key Takeaways
- In 2023, private nonfarm payroll employment in the US reached 134.1 million workers, representing 84% of total nonfarm employment
- Private industry accounted for 128.9 million jobs in the US as of December 2023, excluding government sectors
- The average private sector wage in the US was $1,368 per week in Q4 2023, up 4.1% from the previous year
- Private sector turnover in the US reached $47.8 trillion in 2022, 88% of GDP
- US private nonfinancial corporate profits were $3.2 trillion in Q4 2023, up 8.5% YoY
- Global private industry revenue from tech sector hit $5.3 trillion in 2023
- US private industry labor productivity grew 1.7% in 2023, adjusted for inflation
- Multifactor productivity in US private nonfarm businesses rose 0.9% in 2022
- EU private manufacturing productivity per hour worked was €38.5 in 2022, up 2.1%
- US private R&D spending reached $602 billion in 2022, 80% of total R&D
- Private sector funded 69% of US business R&D at $485 billion in 2021
- EU private enterprises invested €250 billion in R&D in 2022, 2.1% of GDP
- US private industry injury rate was 1.2 cases per 100 full-time workers in 2022
- Private manufacturing lost workdays totaled 512,000 per 10,000 workers in 2022 US
- EU private sector fatal accidents numbered 3,347 in 2022, rate 1.7 per 100k workers
Private industry dominates global employment and drives economic growth across major economies.
Economic Contribution
- US private goods-producing industries output grew 2.3% in 2023
- Private services contributed 70% to US GDP at $19.5 trillion in 2023
- EU private industry tax contributions were €2.1 trillion in 2022
- UK private firms paid £220 billion in corporation tax in FY2023
- India private sector FDI inflows reached $70 billion in FY2023
- China private enterprises exports hit $3.6 trillion in 2023, 55% of total
- Brazil private manufacturing exports were $120 billion in 2022
- Global private industry market cap reached $100 trillion in 2023
- US private nonresidential investment was $3.8 trillion in 2023
- Private capital expenditures in US manufacturing $250 billion in 2023
Economic Contribution Interpretation
While the global private sector flexes its $100 trillion muscles, the American economy is quietly powered by its service-sector heart, even as its industrial bones continue to grow and invest.
Employment
- In 2023, private nonfarm payroll employment in the US reached 134.1 million workers, representing 84% of total nonfarm employment
- Private industry accounted for 128.9 million jobs in the US as of December 2023, excluding government sectors
- The average private sector wage in the US was $1,368 per week in Q4 2023, up 4.1% from the previous year
- Private service-providing industries employed 109.2 million people in the US in 2023, comprising 85% of private jobs
- Manufacturing sector within private industry had 12.9 million employees in the US in 2023, down 0.2% year-over-year
- In the EU, private enterprises employed 173 million people in 2022, 86% of total employment
- UK private sector employment stood at 32.7 million in 2023, with 75% in services
- India's private sector formal employment grew to 9.2 million in 2023, up 15% from 2022
- China's private enterprises employed 480 million urban workers in 2023, 85% of urban workforce
- Brazil's private industry jobs totaled 38.5 million in 2022, 72% of formal employment
- In 2023, private industry in the US had 6.3 million establishments
- Private professional services employed 23.4 million in US 2023
- Women comprised 47.2% of US private sector workforce in 2023
- Private leisure/hospitality jobs totaled 16.1 million in US Dec 2023
- Hispanic workers made up 19.1% of US private employment in 2023
- Private education/health services grew by 400,000 jobs in US 2023
- Over-55s represented 25.4% of private workforce US 2023
- Private temp help services employed 2.8 million in US 2023
- US private average hourly earnings $34.50 in Dec 2023
- Private sector union membership 5.9% in US 2023
Employment Interpretation
While the private sector's engine roared to a near-record 134.1 million US jobs in 2023, quietly driving 84% of the nation's payroll and raising wages by 4.1%, it’s clear this isn't your grandfather's economy, given that over a quarter of its workers are now over 55 and union membership hovers at a mere 5.9%.
Innovation
- US private R&D spending reached $602 billion in 2022, 80% of total R&D
- Private sector funded 69% of US business R&D at $485 billion in 2021
- EU private enterprises invested €250 billion in R&D in 2022, 2.1% of GDP
- UK private R&D expenditure was £50 billion in 2022, up 12% YoY
- India private sector R&D spend grew to ₹1.1 lakh crore in FY2023
- China's private firms accounted for 76% of business R&D at ¥2.5 trillion in 2022
- Brazil private industry R&D investment was R$120 billion in 2022, 1.2% of GDP
- Global private patents filed reached 3.4 million in 2023
- US private firms secured 350,000 patents in 2023, 60% of total
- Private software industry venture capital investment hit $150 billion globally in 2023
- US business R&D intensity 3.5% of sales 2021 private
- Private biotech firms raised $52 billion VC 2023 global
- EU private innovation expenditure €350 billion 2022
- UK private patents granted 20,000 to residents 2023
- India private startups 110,000 total 2023 with R&D focus
- China private AI patents 80,000 filed 2023
- Brazil private cleantech investments R$15 billion 2022
- Global private green patents 50,000 issued 2023
- US private software patents 45,000 granted 2023
- Private cybersecurity R&D $45 billion US 2023
Innovation Interpretation
The global engine of innovation is roaring with private capital, as everywhere from Silicon Valley's code to India's startups, the relentless investment in patents, AI, and green tech proves that while governments talk policy, companies are busy building the future.
Productivity
- US private industry labor productivity grew 1.7% in 2023, adjusted for inflation
- Multifactor productivity in US private nonfarm businesses rose 0.9% in 2022
- EU private manufacturing productivity per hour worked was €38.5 in 2022, up 2.1%
- UK's private services productivity index was 102.4 in 2023 (2019=100)
- India private sector output per worker in manufacturing was ₹4.2 lakh in FY2023
- China private industry total factor productivity growth was 2.3% in 2023
- Brazil private non-agricultural productivity increased 1.8% in 2022
- Global private tech firms' productivity grew 4.2% YoY in 2023
- US private construction productivity fell 0.4% in 2023
- Private wholesale trade productivity in US rose 2.1% in 2022
- US private nonfarm business productivity up 2.7% Q4 2023
- Unit labor costs in private industry fell 0.3% Q4 2023 US
- Private business output per hour 1.5% growth 2023 US annual
- UK whole economy private productivity 0.6% growth 2023
- India manufacturing private TFP 3.1% growth FY2023
- China industrial private productivity index 105.2 (2020=100) 2023
- Brazil services private value added per worker up 2.4% 2022
- Global manufacturing private labor productivity $28/hour 2023
- US private durable goods mfg productivity 1.2% up 2022
- Private nondurable goods productivity -0.5% US 2022
Productivity Interpretation
The global economy is giving us a masterclass in "two steps forward, one step back," with most sectors quietly getting more efficient while a few, like US construction, seem to be actively practicing the art of leisurely decline.
Revenue
- Private sector turnover in the US reached $47.8 trillion in 2022, 88% of GDP
- US private nonfinancial corporate profits were $3.2 trillion in Q4 2023, up 8.5% YoY
- Global private industry revenue from tech sector hit $5.3 trillion in 2023
- EU private businesses generated €15.4 trillion in value added in 2022, 82% of GDP
- UK's private sector GVA was £1.8 trillion in 2023, 93% of total economy
- Private manufacturing revenue in India was ₹25 lakh crore in FY2023, up 12%
- China's private firms contributed 60% of GDP worth ¥90 trillion in 2023
- Brazil private services revenue reached R$4.5 trillion in 2022, 75% of GDP
- US private retail trade sales totaled $7.1 trillion in 2023
- Fortune 500 private companies had combined revenues of $18.1 trillion in 2023
- US private corporate profits after tax $2.8 trillion Q3 2023
- Private finance/insurance revenue $2.1 trillion US 2022
- Global private pharma revenue $1.5 trillion in 2023
- EU private construction turnover €1.7 trillion 2022
- India IT private exports $194 billion FY2023
- Private retail in China sales ¥47 trillion 2023
- Brazil agribusiness private revenue R$2.7 trillion 2022
- US private e-commerce sales $1.1 trillion 2023
- Private energy sector revenue $4.2 trillion US 2022
- S&P 500 private firms profits $2.4 trillion 2023
Revenue Interpretation
While it may be called the *private* sector, these astronomical, cross-continental numbers scream that the engine of everything—from GDP and profits to the very phones in our hands—is overwhelmingly, and sometimes unsettlingly, powered by corporate ambition.
Safety
- US private industry injury rate was 1.2 cases per 100 full-time workers in 2022
- Private manufacturing lost workdays totaled 512,000 per 10,000 workers in 2022 US
- EU private sector fatal accidents numbered 3,347 in 2022, rate 1.7 per 100k workers
- UK private industry illness absence was 2.3% of working hours in 2023
- India private manufacturing injury rate was 0.8 per 1,000 workers in 2022
- China private enterprises reported 1.2 million work injuries in 2022
- Brazil private sector occupational accidents totaled 700,000 in 2022, rate 2.1 per 100 workers
- US private construction DART rate was 1.3 incidents per 100 workers in 2022
- Private trade/transport/utilities had 0.9 injury rate per 100 workers US 2022
- US private total recordable cases 2.7 per 100 workers 2022
- Private agriculture forestry fishing injury rate 4.6/100 US 2022
- EU private services accidents 2.1 million 2022
- UK private construction fatalities 29 in 2022/23
- India private factories accidents 1,200 fatal 2022
- China private manufacturing DAFWII 320 per 10k 2022
- Brazil private mining accidents 200 fatal 2022
- US private healthcare injury rate 5.5/100 2022
- Private transportation warehousing 3.1 injury rate US 2022
- Private financial activities 0.4 cases/100 US 2022
Safety Interpretation
While the devil is clearly in the details—whether you're facing a tractor, a factory floor, or a hospital shift—the global ledger of workplace safety reads like a grim, uneven balance sheet where the bottom line is still written in human cost.
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