April saw strong job growth in the insurance labor market with the addition of nearly 20,000 jobs, according to the Bureau of Labor Statistics. Unsurprisingly, the unemployment rate for insurance carriers and related activities continued its steady decline since February, dropping to just 1.4% in April. Unemployment held steady at 3.6% for the overall U.S. economy, hitting 15-months of steady job growth. With reports wage growth isn’t keeping pace with rising inflation, we’re continuing to see many clients rethink their compensation and overall retention strategies. For more on comprehensive retention strategies, view our latest white paper: Retaining Top Talent in Today’s Competitive Labor Market.
|Unemployment for the insurance carriers and related activities sector slightly decreased to 1.4% in April.|
|The insurance carriers and related activities sector added 19,700 jobs in April.|
|At roughly 2.8 million jobs, industry employment increased by approximately 33,800 jobs compared to April 2021.|
|The U.S. unemployment rate stayed at 3.6% in April and the overall economy added 428,000 jobs.|
- On a year-to-year basis, March* insurance industry employment saw job increases in title (up 6.1%), claims (up 3.4%), agents/brokers (up 2.8%) and TPAs (up 0.8%). Meanwhile, job decreases were seen for reinsurance (down 3.6%), property and casualty (down 2.5%), and life/health (down 1.2%).
- On a year-to-year basis, March* saw weekly wage increases in all categories: claims (up 8.7%), life/health (up 4.5%), TPAs (up 4.3%), title (up 3.7%), agents/brokers (up 2.8%), property and casualty (up 2.8%), and reinsurance (up 0.7%).
BLS Reported Adjustments: Adjusted employment numbers for March show the industry saw a decrease of 2,200 jobs, compared to the previously reported decrease of 1,400 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.
*The BLS 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.