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The Jacobson Journal: An Insurance Talent Blog

July 2023: Labor Market Pulse

Posted by The Jacobson Group on Jul 11, 2023 3:32:40 PM

The insurance carriers and related activities sector experienced its third consecutive month of record high employment in June, reaching 2,945,300 individuals. Industry wages are also continuing to rise, with a 6.1% overall increase compared to one year ago.* Meanwhile, the insurance unemployment rate rose to 3.2% last month – the highest the industry has seen since June 2021. Yet, this spike is likely an anomaly, given the industry’s recent wage and employment gains.

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Topics: Labor Market, PULSE

Health Highlights: Q2 2023

Posted by The Jacobson Group on Jun 9, 2023 9:41:21 AM

As we move through 2023, talent continues to be in high demand within the healthcare space. At Jacobson, our team regularly speaks with leaders across all areas of health insurance, gaining perspective into evolving talent needs and challenges. From expanding government programs to achieving quality goals and more, talent is a key factor in driving healthcare organizations forward. Below are a few current areas of focus. 

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Topics: Labor Market, Managed Care, Healthcare

June 2023: Labor Market Pulse

Posted by The Jacobson Group on Jun 6, 2023 4:20:27 PM

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.

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Topics: Labor Market, PULSE

May 2023: Labor Market Pulse

Posted by The Jacobson Group on May 9, 2023 11:46:40 AM

The U.S. labor market remains resilient – despite some economists’ predictions – as we enter May. The insurance carriers and related activities unemployment rate saw just a slight increase to 1.6%; and unemployment for the overall U.S. economy dropped to 3.4%, which along with January 2023, marks a 54-year low. Numbers from the Bureau of Labor Statistics also indicate that insurance industry employment hit a new high watermark in April, at nearly 2,937,000 jobs. 

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Topics: Labor Market, PULSE

Q1 Insurance Labor Study Results: Continued Growth in 2023

Posted by The Jacobson Group on Apr 13, 2023 9:30:00 AM

As we move through 2023, insurers continue to face the challenges of a tight labor market. The industry’s unemployment rate remains low and job openings are high, according to the Bureau of Labor Statistics. However, 67% of insurers plan to increase their headcounts this year, according to our recent Q1 2023 Insurance Labor Market Study, conducted in partnership with Aon plc. Despite a looming recession and continued economic uncertainty, carriers have a positive outlook for the remainder of the year in terms of both staff and revenue growth. 

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Topics: Labor Market