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The Jacobson Journal: An Insurance Talent Blog

May 2022: Labor Market Pulse

Posted by The Jacobson Group on May 10, 2022 2:01:06 PM

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.

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Topics: Labor Market, PULSE

April 2022: Labor Market Pulse

Posted by The Jacobson Group on Apr 5, 2022 2:58:33 PM

The insurance labor market remains incredibly tight, with a slight drop in unemployment and the loss of 1,400 jobs in March. Unemployment also fell for the overall U.S. economy, which has seen a 14-month streak of steady job growth. Job openings within the larger finance and insurance sector remain relatively high; yet, the industry continues to lack available talent to fill these open roles.

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Topics: Labor Market, PULSE

March 2022: Labor Market Pulse

Posted by The Jacobson Group on Mar 10, 2022 3:27:30 PM

According to the Bureau of Labor Statistics, January* saw the largest number of open finance and insurance jobs in at least two decades. Hires and quits are also relatively high, further illustrating the industry reshuffling that has occurred throughout the last several months.

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Topics: Labor Market, PULSE

February 2022: Labor Market Pulse

Posted by The Jacobson Group on Feb 9, 2022 8:08:05 AM

While employment for insurance carriers and related activities has been on the rise for the past six months, revised BLS numbers* show average employment for 2021 was roughly 2.8 million, about 57,000 fewer jobs than originally reported. However, the tight labor market persists, and industry hiring is not keeping pace with its number of quits. This is evidenced by lower annual industry averages for both unemployment and jobs in 2021, compared to 2020.

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Topics: Labor Market, PULSE

January 2022: Labor Market Pulse

Posted by The Jacobson Group on Jan 11, 2022 4:24:10 PM

While industry unemployment rose slightly at the end of 2021, the insurance carriers and related activities sector experienced six consecutive months of gradual job growth and reached a record high for annual average employment. Recent growth appears to be primarily driven by title, claims and agent/broker roles.

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Topics: Labor Market, PULSE