Employment Trends from the U.S. Bureau of Labor Statistics February 2013 Employment Situation Report
The U.S. Bureau of Labor Statistics released a report March 8, 2013 announcing a .077 percent decrease in the number of workers in the insurance industry from January 2013 – February 2013. According to The U.S. Bureau of Labor Statistics, the insurance industry now employs 2.344 million workers compared to 2.345 million in January 2013. Employment statistics not accounting for seasonal adjustments by industry state that in January 2013 the insurance industry employed 2.340 million people and 2.338 million in February 2013.
Employment throughout the insurance industry has seen a steady decline since November 2012 when insurance employees numbered 2.347 million. This small decrease in employment is accompanied by an increase in hourly earnings and a decrease in weekly hours. The U.S. Bureau of Labor Statistics reports an 8 cent increase in average hourly earnings and an approximately 1.5 hour decrease in hours worked per week for insurance professionals.
The unemployment rate in the insurance industry has dropped to 3.9 percent in February 2013 from 4.7 percent in January 2013. InsuranceJobs.com views this as positive sign for current insurance professionals in search of work. InsuranceJobs.com continues to see a steady flow of job postings to their website despite the adverse economic climate. The insurance jobs site expects consistent growth in the insurance industry and a subsequent increase in insurance careers through the next quarter.