We’re experiencing continued job growth as we reach the mid-point of 2023. The insurance carriers and related activities sector added jobs for the third consecutive month, reaching a new high watermark of 2,939,200 in May. The industry’s unemployment rate increased to 2.5%; however, it’s likely this will fall in the coming months, consistent with a previous spike in December 2022.
|Unemployment for the insurance carriers and related activities sector increased to 2.5% in May.|
|The insurance carriers and related activities sector gained 7,200 jobs in May.|
|At roughly 2.9 million jobs, industry employment increased by approximately 33,700 jobs compared to May 2022.|
|The U.S. unemployment rate increased to 3.7% in May and the overall economy added 339,000 jobs.|
- On a year-to-year basis, April* insurance industry employment saw job increases in TPAs (up 3.4%), property and casualty (up 1.6%), life/health (up 1.4%), and agents/brokers (up 1%). Meanwhile, job decreases were seen in title (down 11.2%), claims (down 9.9%) and reinsurance (down 0.7%).
- On a year-to-year basis, April* saw weekly wage increases in property and casualty (up 10.5%), title (up 7.4%), life/health (up 6%), TPAs (up 5.5%), and agents/brokers (up 1.5%). Meanwhile, wage decreases were seen in reinsurance (down 2.9%) and claims (down 2.9%).
*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.