The overall U.S. labor market remains strong as we close out 2023, exceeding some economists’ expectations. November saw a 0.2-point drop in the U.S. unemployment rate and the addition of nearly 200,000 total jobs. Within the insurance carriers and related activities sector, unemployment increased slightly, yet remains low at 2.1%. Of note, the larger finance and insurance sector experienced a drop in open jobs following three months of growth; yet this number continues to fluctuate, with a high 2023 annual average of 355,000 open roles.
 |
Unemployment for the insurance carriers and related activities sector increased to 2.1% in November. |
 |
The insurance carriers and related activities sector gained 1,500 jobs in November. |
 |
At nearly 3 million jobs, industry employment increased by approximately 33,600 jobs compared to November 2022. |
 |
The U.S. unemployment rate slightly decreased to 3.7% in November and the overall economy added 199,000 jobs. |
INDUSTRY HIGHLIGHTS
- On a year-to-year basis, October* insurance industry employment saw job increases in reinsurance (up 3.6%), TPAs (up 2.3%), life/health (up 1.5%), agents/brokers (up 1.1%), and property and casualty (up 0.4%). Meanwhile, jobs decreased in title (down 7.9%) and claims (down 1.7%).
- On a year-to-year basis, October* saw weekly wage increases in title (up 10.3%), property and casualty (up 7.7%), life/health (up 5.8%), agents/brokers (up 5.4%), TPAs (up 3.9%), and claims (up 3.8%). Meanwhile, wages decreased in reinsurance (down 4.5%).
*The BLS Job Openings and Labor Turnover Survey report and reports on wages and employment for the industry category are only available for two months prior.
The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.
