Insurance Industry Adds 2,300 Jobs in August

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The insurance industry saw a small increase in employment with the addition of 2,300 jobs for the month of August, according to the latest employment numbers from the U.S Bureau of Labor Statistics released on Friday, September 4, 2015.

The Economic Situation Report revealed that the insurance industry grew by 0.09 percent last month and now sits at 2,556,900 employed insurance workers with an unemployment rate of 2.3 percent. Over the past 12 months, the total number of employed insurance workers has increased by 80,200 or 3.24 percent from 2.47 million in August 2014, while the unemployment rate dropped by 0.1 percent from 2.4 percent.

The insurance carriers and related activities subsector, which includes insurance carriers, agencies and other brokerages, typically makes up more than half of the job growth within the financial activities supersector. However, last month the subsector only contributed 12% of the supersector’s growth of 19,000 jobs. Over the last 12 months, the insurance carriers and related activities subsector has contributed 67 percent to its parent sector, or 40,300 jobs.

Across all industries, total nonfarm payroll employment increased by 173,000 jobs in August, while the unemployment rate declined by 0.2 percentage points to 5.1 percent. Over the last 12 months, employment growth has averaged 247,000 jobs per month. Job gains occurred in health care and social assistance, and in financial activities. Employment in manufacturing and mining declined.

The change in total nonfarm payroll employment for June was revised from 231,000 to 245,000, and the change for July was revised from 215,000 to 245,000. With these revisions, employment gains in June and July combined were 44,000 more than previously reported. Over the past 3 months, job gains have averaged 221,000 per month.

Established in 2006, 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, 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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