<img src="//bat.bing.com/action/0?ti=5163453&amp;Ver=2" height="0" width="0" style="display:none; visibility: hidden;">

The Jacobson Journal: An Insurance Talent Blog

February 2024: Labor Market Pulse

Posted by The Jacobson Group on Feb 9, 2024 8:06:47 AM

The insurance labor market remained stable throughout the first month of 2024. Notably, January hit a record high of 3 million jobs in the insurance carriers and related activities sector. Revised numbers* from the Bureau of Labor Statistics reflect the 2023 average monthly employment for the industry was 2.96 million – 34,000 more positions than previously reported. Additionally, industry unemployment dropped 1.1 points from December, to 2.3%. Meanwhile, the overall U.S. economy’s unemployment rate is 3.7%, marking 24 consecutive months under 4%.

Read More

Topics: Labor Market, PULSE

January 2024: Labor Market Pulse

Posted by The Jacobson Group on Jan 10, 2024 3:56:47 PM

Similar to December 2022 (which saw an unemployment rate of 3.5% that quickly fell in the following months), December 2023’s unemployment rate increased to 3.4% for insurance carriers and related activities. Despite this rise in unemployment, the industry added 4,500 jobs last month, contributing to a total gain of nearly 40,000 jobs in 2023. Open jobs in the larger finance and insurance sector also remain strong at 290,000.

Read More

Topics: Labor Market, PULSE

December 2023: Labor Market Pulse

Posted by The Jacobson Group on Dec 13, 2023 3:56:13 PM

The overall U.S. labor market remains strong as we close out 2023, exceeding some economists’ expectations. November saw a 0.2-point drop in the U.S. unemployment rate and the addition of nearly 200,000 total jobs. Within the insurance carriers and related activities sector, unemployment increased slightly, yet remains low at 2.1%. Of note, the larger finance and insurance sector experienced a drop in open jobs following three months of growth; yet this number continues to fluctuate, with a high 2023 annual average of 355,000 open roles. 

Read More

Topics: Labor Market, PULSE

November 2023: Labor Market Pulse

Posted by The Jacobson Group on Nov 7, 2023 7:11:57 PM

While the unemployment rate for insurance carriers and related activities rose slightly in October, it remains low at 1.7%. At the same time, job openings for the larger finance and insurance sector are at their highest level since July 2022, reaching 479,000 in September* (nearly 200,000 more open positions than reported for September 2022, which saw a notable drop). Even as overall movement within the industry appears to be stabilizing, low unemployment and an abundance of opportunities means there’s continued competition for talent, making retaining current employees even more important. 

Read More

Topics: Labor Market, PULSE

October 2023: Labor Market Pulse

Posted by The Jacobson Group on Oct 11, 2023 11:30:29 AM

The industry continues to face layered complexities and pressures, further compounding an already difficult talent landscape. The unemployment rate for insurance carriers and related activities continues to decline, dropping to 1% in September, compared to 3.8% for the overall U.S. economy. Given month-to-month fluctuations and a limited BLS sample size, the three month rolling average of 1.3% may paint the most accurate picture of the current situation.

Read More

Topics: Labor Market, PULSE