Insurance Industry Experiences Modest Increase in October

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Leading Insurance Career Site, InsuranceJobs.com Shares Employment Trends from the Insurance Industry.

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The insurance industry saw a slight increase in employment with the addition of 1,000 jobs for the month of October, according to the latest employment numbers from the U.S Bureau of Labor Statistics released earlier this month.

The insurance carriers and related activities sub-sector grew by 0.04 percent last month and now sits roughly at 2,452,300 employed insurance workers. Over the past year, the total number of employed workers has increased by 60,600 jobs, or 2.53 percent. In October 2013, the reported number of workers in the insurance carriers and related activities industry was 2.39 million.

The finance and insurance sector as a whole showed little movement with an increase of 600 jobs in October, or 0.01 percent. Over the last year, the sector has increased by 0.7 percent, from 5.88 million workers to 5.92 million.

Across all sectors, total nonfarm payroll employment increased by 214,000 in October, in line with the average monthly gain of 222,000 of the past 12 months, but 16% lower than September’s revised jobs number. In October, job growth occurred in the food services and drinking places, retail trade, and health care industries.

The unemployment rate decreased slightly from 5.9 percent in September to 5.8 percent in October, while the number of unemployed people decreased to 9.0 million people from 9.3 million in September. Since the beginning of the year, the unemployment rate and the number of unemployed persons have declined by 0.8 percentage point and 1.2 million, respectively.

Employment numbers were revised for both August and September, from 180,000 to 203,000 jobs and 248,000 to 256,000 jobs respectively. With these revisions, employment gains for both months combined were 31,000 more than previously reported.

About InsuranceJobs.com:
Established in 2006, InsuranceJobs.com is the leading insurance jobs website for insurance careers. Currently the site has over 250,000 registered job seekers and 6,500 registered employers. Users can create a profile, upload their resume, apply to positions and engage in our social communities. Employers can post insurance job opportunities and browse a resume bank for applicants. Thousands of new insurance jobs are listed each month by geographic location and specialty, including: actuarial, adjuster jobs, agents, claims jobs, clerical, customer service, health, life, risk management, sales, investigators, insurance underwriters, workers compensation and more.

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Bob Thomas
RSG, Inc.
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