Insurance Industry Adds 5,900 Jobs in March
The insurance industry saw a small increase in employment with the addition of 5,900 jobs for the month of March, according to the latest employment numbers from the U.S Bureau of Labor Statistics released on Friday, April 3, 2015.
The insurance industry grew by 0.23 percent last month and now sits at 2,525,600 employed insurance workers with an unemployment rate of 2.1 percent. Over the past 12 months, the total number of employed insurance workers has increased by 83,200 or 3.4 percent from 2.44 million in March 2014, while the unemployment rate dropped by 1.2 percent.
Insurance carriers and related activities made up the bulk of job growth within the finance and insurance sector which grew by 6,500 jobs last month. Over the last 12 months, the insurance carriers and related activities subsector has contributed 80 percent to its parent sector, or 83,200 jobs.
Across all industries, total nonfarm payroll employment increased by 126,000 jobs in March, while the unemployment rate went unchanged at 5.5 percent. Over the last 12 months, employment growth has averaged 269,000 jobs per month. Job gains primarily occurred within professional and business services (+40,000 jobs), retail trade (+26,000 jobs) and health care (+22,000 jobs).
After revisions, total nonfarm payroll employment for the month of January and February were revised from 239,000 to 201,000 jobs, and 295,000 to 264,000 jobs, respectively. With these revisions, employment gains in January and February were 69,000 less than previously reported. Over the past 3 months, job gains have averaged 197,000 per month.
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