October 2024: Labor Market PULSE

Posted by The Jacobson Group

After rising to 3.1% in August, the unemployment rate for the insurance carriers and related activities sector dropped to 2.3% in September. The overall U.S. unemployment rate remains consistent, dropping just a tenth of a point. The industry also added jobs, marking its 11th consecutive month of job growth.

Within the larger finance and insurance sector, job openings fell to a near two-year low in August*. The rate of retirements also slowed during August, dropping to 0.1% from 0.4% in July. Overall, the industry remains strong as we enter the final quarter of 2024.

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 2.3% in September.
The insurance carriers and related activities sector gained 4,800 jobs in May.The insurance carriers and related activities sector gained 4,800 jobs in September.
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 45,200 jobs compared to September 2023.
The U.S. unemployment rate slightly increased to 4% in May and the overall economy added 257,000 jobs.The U.S. unemployment rate slightly decreased to 4.1% in September and the overall economy added 254,000 jobs.
INDUSTRY HIGHLIGHTS
  • On a year-to-year basis, August* insurance industry employment saw job increases in agents/brokers (up 3.7%), TPAs (up 1.6%), reinsurance (up 0.6%), life/health (up 0.1%), and property and casualty (up 0.3%).  Meanwhile, jobs decreased in claims (down 1.3%) and title (down 0.6%).
  • On a year-to-year basis, August* saw weekly wage increases in agents/brokers (up 10.7%), reinsurance (up 9.6%), title (up 9%), TPAs (up 8.9%), claims (up 3.6%), life/health (up 2.3%) and property and casualty (up 1.1%). 

BLS Reported Adjustments:

Adjusted employment numbers for August show the industry saw an increase of 3,800 jobs, compared to the previously reported increase of 3,300 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.