Financial Industry Shows Little Growth in October

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Leading Financial Career Site, FinancialJobsWeb.com Shares Employment Trends from the Financial Jobs Industry

FinancialJobsWeb.com Shares Finance Employment Trends

The financial activities industry saw an increase in employment with the addition of 3,000 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 increase in employment represents a growth of 0.03 percent over the previous month’s reported job numbers, while September’s job numbers represented a growth of 0.15 percent over the preceding month. The industry now sits at 7,988,000 financial jobs for October with an unemployment rate of 3.6 percent.

The majority of growth under the financial activities sector occurred in the real estate and rental and leasing sub-sector, which grew by 0.11 percent to 2,300 jobs. Securities, commodity contracts, investments, and funds and trusts showed modest growth (+1,300 jobs), while insurance carriers and related activities grew by only 1,000 jobs.

Credit intermediation and related activities lost 1,800 positions in October, while depository credit intermediation lost 3,000 positions and commercial banking lost 2,500 jobs.

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 FinancialJobsWeb.com:
FinancialJobsWeb.com is the leading jobs website for financial careers. FinancialJobsWeb.com is updated daily with thousands of employment listings. Users can create a profile, upload their resume, apply to positions and engage in our social communities. Employers can post financial job opportunities and browse a resume bank for applicants. Thousands of new financial jobs are listed each month by geographic location and specialty, including: asset management, commercial banking, investment banking, mergers and acquisitions, real estate, securities, wealth management and more.

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Bob Thomas
RSG, Inc.
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