Insurance Job Growth Slows In May, Report Says

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Unemployment has dropped steadily since the beginning of the year, starting at 3.3 percent in January. Last year, monthly unemployment averaged around 2.4 percent.

The insurance industry added only 1,800 jobs in May according to preliminary numbers reported by the U.S. Bureau of Labor Statistics’ Economic Situation Report released on Friday, June 2, 2017.

“Insurance job growth slowed last month after adding 7,700 jobs in April,” said Jay Rollins, owner of the insurance employment website InsuranceJobs.com. “Similarly, employment gains across all industries were lower in May compared to April, with nonfarm payroll employment only adding 138,000 jobs overall after analysts had initially predicted 185,000.”

The insurance carriers and related activities subsector now sits at 2,624,400 employed persons while May’s unemployment rate dropped 0.2 percentage point to 2.0 percent. “Unemployment has dropped steadily since the beginning of the year, starting at 3.3 percent in January. Last year, monthly unemployment averaged around 2.4 percent,” said Rollins.

The insurance subsector is a part of the finance and insurance sector and includes claims adjusters, claims investigators, insurance sales agents, and insurance underwriters.

Across all industries, total nonfarm payroll employment increased by 138,000 in May, a decrease of 21 percent from April’s gain of 174,000 jobs. Unemployment changed little at 4.3 percent, with the number of unemployed persons sitting at 6.9 million. Job gains for the month primarily occurred in healthcare, professional and business services, and food services and drinking places. Gains also continued in mining.

About InsuranceJobs.com:

Established in 2006, InsuranceJobs.com is the leading insurance…

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