The BLS data reflects a relatively stable insurance workforce as we move through August. The unemployment rate for insurance carriers and related activities rose slightly in July, yet remains low at 1.9%, while employment continues to increase. Within the larger finance and insurance sector, voluntary quits in June* were at their highest level since December 2022; however, job openings decreased compared to May. Meanwhile, the larger U.S. economy is experiencing its highest overall unemployment rate since 2021.
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 | Unemployment for the insurance carriers and related activities sector slightly increased to 1.9% in July. |
 | The insurance carriers and related activities sector gained 2,700 jobs in July. |
 | At more than 3 million jobs, industry employment increased by approximately 41,900 jobs compared to July 2023. |
 | The U.S. unemployment rate slightly increased to 4.3% in July and the overall economy added 114,000 jobs. |
- On a year-to-year basis, June* insurance industry employment saw job increases in agents/brokers (up 3.3%), reinsurance (up 1.9%), claims (up 1.2%), life/health (up 1.1%), TPAs (up 1%), and property and casualty (up 0.6%). Meanwhile, jobs decreased in title (down 2.6%).
- On a year-to-year basis, June* saw weekly wage increases in title (up 11.1%), agents/brokers (up 9.9%), TPAs (up 8.1%), reinsurance (up 6%), life/health (up 3.1%) and claims (up 2%). Meanwhile, wages within property and casualty were unchanged.
BLS Reported Adjustments:
Adjusted employment numbers for June show the industry saw an increase of 8,900 jobs, compared to the previously reported increase of 8,600 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 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.