The overall U.S. economy exceeded job growth expectations in September. While the insurance carriers and related activities sector experienced a slight decrease in employment, industry unemployment dropped to below 1% for the first time in nearly a year. Wages also increased year-over-year across all insurance sectors.
|Unemployment for the insurance carriers and related activities sector decreased to 0.9% in September.|
|The insurance carriers and related activities sector lost 9,300 jobs in September.|
|At roughly 2.8 million jobs, industry employment increased by approximately 37,900 jobs compared to September 2021.|
|The U.S. unemployment rate decreased to 3.5% in September and the overall economy added 263,000 jobs.|
- On a year-to-year basis, August* insurance industry employment saw job increases in agents/brokers (up 3.9%), TPAs (up 3.0%), property and casualty (up 1.5%), and life/health (up 0.4%). Meanwhile, job decreases were seen in claims (down 7.2%), title (down 3.4%), and reinsurance (down 0.7%).
- On a year-to-year basis, August* saw weekly wage increases in property and casualty (up 10.7%), title (up 6.7%), reinsurance (up 6.1%), life/health (up 5.8%), agents/brokers (up 5.4%), claims (up 4.7%), and TPAs (up 4.5%).
BLS Reported Adjustments: Adjusted employment numbers for August show the industry saw an increase of 5,600 jobs, compared to the previously reported increase of 5,400 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.
*The BLS JOLTS 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.