Insurance industry unemployment keeps dropping: Report

The rapid growth the insurance industry has enjoyed shows no signs of slowing down, according to the latest report from the US Bureau of Labor Statistics

The rapid growth the insurance industry has enjoyed shows no signs of slowing down.
 
According to the latest report from the US Bureau of Labor Statistics, the sector grew by 9,600 jobs in the month of July – that’s an increase of 0.38% in one month.
 
The industry now claims 2,555,000 employed workers with a shockingly low unemployment rate of 1.6%.
 
It’s a slight drop (7.69%) from June’s addition of 10,400 jobs but over the past 12 months, the total number of employed workers in the industry has increased by a whopping 85,400 jobs. That’s a 3.46% increase from July 2014’s 2.46 million.
 
The unemployment rate dropped by 1.8% from 3.4% in the same time period.
 
July’s growth in the insurance industry claimed more than 87% of the job growth within the finance and insurance sector (+10,700 jobs). It also accounted for 56% of the growth within the financial activities supersector (+17,000 jobs). 
 
Over the past 12 months, the industry has contributed 71.7% to the finance and insurance sector, and 54.7% to the financial activities supersector.
 
Across all industries, all nonfarm payroll employment increased by 215,000 jobs in July. The unemployment rate remained at 5.3%
 
Over the last 12 months, employment increases have averaged 246,000 jobs per month. In July, job growth occurred in financial activities (+17,000), professional and technical services (+27,000), health care (+28,000), and retail trade (+36,000).
 
After revision, total nonfarm payroll employment for May and June were revised from 254,000 to 260,000 and 223,000 to 231,000 jobs, respectively.
 
With these revisions, employment increases in May and June combined were 14,000 higher than originally reported. Job gains have averaged 235,000 per month over the past 3 months.
 
 

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