5,000 Financial Jobs Added in October, Reports BLS

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Leading Financial Career Site, FinancialJobsWeb.com Comments on Financial Employment Trends from the U.S. Bureau of Labor Statistics’ Economic Situation Report

FinancialJobsWeb.com Shares Finance Employment Trends
Last month’s employment in the financial activities supersector slowed as a result of losses in the finance and insurance sector.

The financial industry added 5,000 jobs in October according to the Bureau of Labor Statistics’ Economic Situation Report released on Friday, November 3, 2017.

“October’s employment growth marks a drop from the 13,000 jobs gained the month before,“ said Jay Rollins, owner of FinancialJobsWeb.com, a leading career site specializing in financial job postings. “Last month’s employment in the financial activities supersector slowed as a result of losses in the finance and insurance sector.”

The financial activities supersector, which includes employment data from the finance and insurance sector and the real estate, rental and leasing sector, now sits at 8,483,000 employed workers with an unemployment rate of 2.2 percent, the lowest since June 2016. “For most of 2017, the unemployment rate has hovered between 2.3 and 2.5 percent,” said Rollins. “This time last year, the unemployment rate was 2.7 percent.” Over the past year, the financial activities supersector has added 153,000 jobs.

Within the financial supersector, finance and insurance lost 5,800 jobs due to losses in insurance carriers and related activities (-6,800 jobs). The securities, commodity contracts, investments, and funds and trusts sector changed little since September, losing only 100 jobs in October. Credit intermediation and related activities added 1,100 jobs.

The real estate sector added 10,900 jobs, evenly split between real estate (5,600 jobs) and rental and leasing services (5,400 jobs). Lessors of nonfinancial intangible assets changed little (-100 jobs).

Across all industries, total nonfarm payroll employment grew by 261,000 jobs in October, while the unemployment rate dropped down slightly to 4.1 percent, the lowest rate since December 2000. Job gains mainly occurred in food services and drinking places, professional and business services, manufacturing, and healthcare.

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 for 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, jobs in 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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