April 2025: Labor Market PULSE

Posted by The Jacobson Group

March labor market data remained relatively unchanged compared to January and February. Insurance industry unemployment continued to drop, lowering to 2.1%, which is consistent with 2024’s average. The overall U.S. economy experienced a slight increase in its unemployment rate, rising from 4.1% to 4.2%. However, the U.S. workforce also saw a substantial increase in employment and marked its 51st consecutive month of job growth.

While the labor market was stable in March, a sense of uncertainty lingers and we’re seeing professionals more hesitant to take on new roles. As you recruit in today’s challenging talent landscape, it’s important to take a refreshed approach to finding the right talent.  

AT-A-GLANCE NUMBERS
Unemployment for the insurance carriers and related activities sector decreased to 1.8% in May.Unemployment for the insurance carriers and related activities sector decreased to 2.1% in March.
The insurance carriers and related activities sector gained 4,800 jobs in May.The insurance carriers and related activities sector gained 3,200 jobs in March.
At more than 3 million jobs, industry employment increased by approximately 37,800 jobs compared to May 2023.At more than 3 million jobs, industry employment increased by approximately 52,100 jobs compared to March 2024.
The U.S. unemployment rate slightly increased to 4% in May and the overall economy added 257,000 jobs.

The U.S. unemployment rate increased to 4.2% in March and the overall economy added 228,000 jobs.

INDUSTRY HIGHLIGHTS
  • On a year-to-year basis, February* insurance industry employment saw job increases in agents/brokers (up 3.8%), title (up 2.2%),  property and casualty (up 1.6%), reinsurance ( up 1.6%) and TPAs (up 1.6%). Meanwhile, jobs decreased in life/health ( down 0.5%) and claims (down 2.1%).
  • On a year-to-year basis, February* saw weekly earnings increases in agents/brokers (up 7.8%), property and casualty (up 6.5%), TPAs (up 4.9%), claims (up 4.7%) and title (up 3.5%). **

Notes:

Adjusted employment numbers for February show the industry saw an increase of 2,600 jobs, compared to the previously reported increase of 5,100 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.

*The BLS Job Openings and Labor Turnover Survey report and reports on wages and employment for the industry category are only available for two months prior.

**The BLS has not reported on reinsurance and life/health insurance earnings since December 2024.

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.