Insurance Industry Adds 7,100 Jobs in August
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The insurance industry added 7,100 jobs in August, according to preliminary numbers reported in the US Bureau of Labor Statistic’s Economic Situation report released earlier this month.
The industry now employs 2,730,900 persons with an unemployment rate of 2.2 percent. Over the last three months, the industry has added 17,300 jobs while the unemployment rate has increased by 1.2 percentage points from 1.0 percent in May of this year.
Insurance was largely responsible for all job growth in the finance and insurance sector, which gained 7,500 jobs in total last month. Gains made in credit intermediation (3,700 jobs) were largely offset by losses in securities, commodity contracts, investments, and funds and trusts (-3,400 jobs).
Across all industries, the US economy fell short of expectations and added 130,000 jobs in August. Job growth was due in large part to the hiring of 25,000 tempory workers for the upcoming 2020 Census. Private sector employment increased by 96,000 jobs with gains in health care and financial activities.
Economy Adds 130,000 Jobs in August