June 2013 Highlights: Employment Trends for the Insurance Industry

InsuranceJobs.com, the leading insurance jobs website for insurance professionals, offers an overview of key employment trends in the insurance industry for June 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 July 5, 2013 announcing a .26 percent increase in the number of workers in the insurance industry from May 2013 – June 2013.  According to The U.S. Bureau of Labor Statistics, the insurance industry now employs 2.355 million workers compared to 2.348 million in May 2013.  The U.S. Bureau of Labor Statistics has adjusted these statics for seasonal changes within the insurance industry.

According to BLS, employment in the financial services industry rose by 17,000 in June alone.  This rise is largely attributed to a huge spike in employment throughout the insurance industry which added nearly 6,000 jobs.

May marked a significant drop in the unemployment rate of more than 1 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.  Since May the unemployment rate has dropped a reported 2.1 percent.  The rate has not been this low since March 2013.

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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.