Unemployment is Down, Employment is Up Throughout 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 May 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 June 7, 2013 announcing a .051 percent increase in the number of workers in the insurance industry from April 2013 – May 2013. According to The U.S. Bureau of Labor Statistics, the insurance industry now employs 2.348 million workers compared to 2.347 million in April 2013. The U.S. Bureau of Labor Statistics has adjusted these statics for seasonal changes within the insurance industry.
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. This upward trend suggests insurance professionals previously unemployed across the nation are starting to find work within the insurance industry.
BLS reported 8 mass layoff events in the insurance industry in April 2013. Since then an estimated 500 insurance professionals have made initial claims for unemployment benefits. While the May 2013 insurance layoff data has not yet been released, the decrease in the unemployment rate for insurance professionals in May suggests that the number of layoffs that occurred is relatively low.
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