Unemployment continues to drop within the insurance industry, hitting 1.7% in March. At the same time, job openings are rising within the larger finance and insurance sector, with an average of 428,000 openings in January and February*. This is tracking above 2022’s record annual high of 393,000. Voluntary quits are also slightly increasing, hitting their highest level since January 2023, while hiring levels remain relatively consistent.
We’re closing out the first quarter of 2024 on a positive note. Unemployment for the insurance carriers and related activities sector slightly dropped to 2% and industry employment continues to grow – reaching a new record high in February. Job openings for the larger finance and insurance industry are the highest they’ve been since September 2023, which hit a record of 509,000 open roles, according to revised numbers from the Bureau of Labor Statistics.
Topics: Labor Market, PULSE
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%.
Topics: Labor Market, PULSE
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.
Topics: Labor Market, PULSE
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.
Topics: Labor Market, PULSE