Atlanta, GA (PRWEB) June 30, 2014
Reports published by the United States Department of Labor show the financial activities sector continues to hold steady, with 3,000 jobs added in the month of May.
According to numbers published by the Department of Labor, the unemployment rate for the Financial Activities super sector improved by 0.2%, sitting at 4.8% in May compared to 5% in April. Within the finance and insurance sector, employment rose to 4.6% in May, from 4.5% in April.
While employment numbers remain steady, emerging trends reveal that financial jobs are moving away from traditional bastions of money. According to a report released by Forbes magazine, low-cost Sun Belt cities are the fastest-growing areas with jobs in financial services.
The Phoenix-Mesa-Glendale metropolitan area of Arizona ranks first, with financial employment expanding to 7.2% since last year, and 12.3% since 2008. Close behind are the San Antonio-New-Braunfels and Austin-Round Rock-San Marcos areas in Texas, and the Nashville-Murfreesboro-Franklin metropolitan area in Tennessee.
The displacement of financial jobs to non-traditional areas has been attributed to a mobile workforce in search of affordable living, with no-state income tax and affordable housing.
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