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The Jacobson Journal: An Insurance Talent Blog

February 2024: Labor Market Pulse

Posted by The Jacobson Group on Feb 9, 2024 8:06:47 AM

The insurance labor market remained stable throughout the first month of 2024. Notably, January hit a record high of 3 million jobs in the insurance carriers and related activities sector. Revised numbers* from the Bureau of Labor Statistics reflect the 2023 average monthly employment for the industry was 2.96 million – 34,000 more positions than previously reported. Additionally, industry unemployment dropped 1.1 points from December, to 2.3%. Meanwhile, the overall U.S. economy’s unemployment rate is 3.7%, marking 24 consecutive months under 4%.

 AT-A-GLANCE NUMBERS
 
PULSE icons --01 Unemployment for the insurance carriers and related activities sector decreased to 2.3% in January. 
PULSE icons --02 The insurance carriers and related activities sector gained 4,800 jobs in January.
PULSE icons --03 At more than 3 million jobs, industry employment increased by approximately 50,900 jobs compared to January 2023.
PULSE icons --04 The U.S. unemployment rate remained at 3.7% in January and the overall economy added 157,700 jobs.

 

INDUSTRY HIGHLIGHTS

  • On a year-to-year basis, December** insurance industry employment saw job increases in claims (up 7%), reinsurance (up 3.3%), TPAs (up 2.6%), agents/brokers (up 2.6%), and life/health (up 1%). Meanwhile, jobs decreased in title (down 2.8%) and property and casualty (down 0.2%).
  • On a year-to-year basis, December** saw weekly wage increases across all areas: (up 7.5%), TPAs (up 6.5%), title (up 6.5%), claims (up 5%), life/health (up 4.4%), property and casualty (up 4.2%), and reinsurance (up 2.4%). 

 0224-02   0224-01

 

BLS Reported Adjustments: Adjusted employment numbers for December show the industry saw an increase of 4,100 jobs, compared to the previously reported increase of 4,500 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.

*The BLS made its annual revisions on February 2, adjusting current employment statistics (CES) numbers for the past five years.

**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.

Topics: Labor Market, PULSE