October 2022 Labor Market Pulse | The Jacobson Group

Written by The Jacobson Group | Oct 11, 2022 9:24:59 PM

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.

Following two consecutive months of record finance and insurance job openings, August* saw a significant drop in open positions. However, at 347,000 open roles, this remains well above 2021’s monthly average of 296,000. Additionally, average monthly voluntary quits and average monthly hires remain at record highs in 2022. The industry’s ongoing reshuffling persists, as employers continue to compete in a challenging labor market.

AT-A-GLANCE NUMBERS

	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.

INDUSTRY HIGHLIGHTS

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.

View full post