Insurance Employment Update: July 2018

Insurance Employment Trends from the
U.S. Bureau of Labor Statistics’ Economic Situation Report

The insurance industry lost 6,700 jobs in July according to preliminary numbers released by the U.S. Bureau of Labor Statistics’ Economic Situation report earlier this month.

Comparatively, the industry added 4,900 insurance jobs in July of 2017, and 2,300 jobs in June and 3,000 jobs in May of this year.

The insurance industry now employs 2,670,200 people in the U.S. with an unemployment rate of 1.7 percent. Since March of this year, the unemployment rate has hovered between 1.5 and 1.7 percent.

Across all industries, total nonfarm payroll employment increased by 157,000 in July compared with an average monthly gain of 203,000 over the prior 12 months. Job gains occurred in professional and business services, in manufacturing, and in health care and social assistance.

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