6,800 Insurance Jobs Lost in October
Leading Insurance Career Site, InsuranceJobs.com Shares Insurance Employment Trends from the U.S. Bureau of Labor Statistics’ Economic Situation Report
The insurance industry lost 6,800 jobs in October according to preliminary numbers released by the U.S. Bureau of Labor Statistics’ Economic Situation report released on Friday, November 3, 207.
“October’s job losses in insurance follows September’s gain of 11,600 jobs, the fastest growing month of the year,” said Jay Rollins, owner of the insurance employment website InsuranceJobs.com. “Employment has oscillated between gains and losses over the past 12 months, gaining 47,700 jobs since November 2016 and losing 12,400 jobs.”
The insurance industry now employs 2,633,500 persons with an unemployment rate of 1.6 percent. “October’s unemployment rate is the lowest in a year,” said Rollins. “Since November 2016, the last time the rate dropped to 1.6 percent, unemployment has averaged 2.1 percent a month.”
Across all industries, total nonfarm payroll employment grew by 261,000 jobs in October, while the unemployment rate dropped down slightly to 4.1 percent. “October’s unemployment rate is the lowest since December 2000, where it reached 3.9 percent,” said Rollins. Job gains largely occurred in professional and business services, manufacturing, and health care, while drinking places grew sharply in response to losses from Hurricane Irma and Harvey in September.
Established in 2006, InsuranceJobs.com is the leading insurance jobs website for insurance careers. Currently, the site has over 250,000 registered job seekers and 6,500 registered employers. Users can create a profile, upload their resume, apply to positions and engage in our social communities. Employers can post insurance job opportunities and browse a resume bank for applicants. Thousands of new jobs are listed each month by geographic location and specialty, including jobs in insurance claims, actuarial, adjuster, agents, clerical, customer service, health, life, risk management, sales, investigators, insurance underwriters, workers compensation and more.