In May, the overall U.S. economy hit its highest unemployment rate since January 2022. Conversely, unemployment for the insurance carriers and related activities sector dropped 0.6 percentage points, to 1.8%.
U.S. job openings hit a three-year low in April*, while job openings within finance and insurance slightly increased. The industry is also experiencing a voluntary quits rate of 0.9% - the lowest since April 2020, according to the BLS.
In the past couple months, we’ve noted an increasing reluctance among professionals when it comes to changing roles. This makes it even more important to focus on engagement to avoid “quiet quitting” and maintain productivity. For more on avoiding burnout within your team, view our recent blog post.
 | Unemployment for the insurance carriers and related activities sector decreased to 1.8% in May. |
 | The insurance carriers and related activities sector gained 4,800 jobs in May. |
 | At more than 3 million jobs, industry employment increased by approximately 37,800 jobs compared to May 2023. |
 | The U.S. unemployment rate slightly increased to 4% in May and the overall economy added 257,000 jobs. |
- On a year-to-year basis, April* insurance industry employment saw job increases in agents/brokers (up 2.5%), reinsurance (up 2.3%), TPAs (up 1.5%), life/health (up 1%), and property and casualty (up 0.6%). Meanwhile, jobs decreased in title (down 3.2%) and claims (down 1.4%).
- On a year-to-year basis, April* saw weekly wage increases across all areas: title (up 13.3%), agents/brokers (up 10.8%), TPAs (up 9.8%), reinsurance (up 9.8%), life/health (up 4.6%), claims (up 3.7%), and property and casualty (up 2.8%).
BLS Reported Adjustments:
Adjusted employment numbers for April show the industry saw an increase of 6,200 jobs, compared to the previously reported increase of 8,100 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 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.