August 2013 Employment Trends for the Insurance Industry

Leading Insurance Career Site Shares Employment Trends in the Insurance Industry from the U.S. Bureau of Labor Statistics’ August 2013 Employment Situation Report, the leading insurance employment website for insurance professionals, offers an overview of key employment trends in the insurance industry for August 2013 based on preliminary statistics reported by the U.S. Bureau of Labor Statistics (BLS) in the monthly Employment Situation Economic Release.

The U.S. Bureau of Labor Statistics released a report September 6, 2013 announcing a .11 percent increase in the number of workers in the insurance industry from July 2013 – August 2013.  The insurance industry now employs 2.363 million workers compared to 2.361.2 million in July 2013. That’s an increase of close to 1 percent.  The U.S. Bureau of Labor Statistics has adjusted these statics for seasonal changes within the insurance industry.

This insurance industry has seen great progress since the start of 2013.  The year marks a turning point for the unemployment rate within insurance industry. Currently the unemployment rate has reached an all-time low of 2.5 percent.  In April 2013 BLS reported an unemployment rate of 5.8 percent for insurance professionals.  May’s unemployment rate is estimated at 4.4 percent.  Continuing on its downward trend, the unemployment rate dropped to 3.7 percent in June and subsequently 3 percent in July.  Since April the unemployment rate has dropped a reported 3.3 percent.  In addition to the declining unemployment rate, there have not been any mass layoffs throughout the insurance industry since May.

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Bob Thomas

Bob Thomas is the resident insurance employment expert. He has over a decade of experience in insurance employment consulting.