April 2024: Labor Market Pulse

Posted by The Jacobson Group

Unemployment continues to drop within the insurance industry, hitting 1.7% in March. At the same time, job openings are rising within the larger finance and insurance sector, with an average of 428,000 openings in January and February*. This is tracking above 2022’s record annual high of 393,000. Voluntary quits are also slightly increasing, hitting their highest level since January 2023, while hiring levels remain relatively consistent.

Within the overall U.S. economy, job growth accelerated in the first quarter of 2024. The U.S. unemployment rate also slightly decreased from 3.9% in February to 3.8% in March.

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  • On a year-to-year basis, February* insurance industry employment saw job increases in claims (up 5.5%), agents/brokers (up 3.2%), reinsurance (up 2.6%), life/health (up 1.2%), and TPAs (up 1.1%).  Meanwhile, jobs decreased in title (down 4.5%) and property and casualty (down 0.4%).
  • On a year-to-year basis, February* saw weekly wage increases across all areas: title (up 12.9%), agents/brokers (up 9.8%), TPAs (up 9.2%), reinsurance (up 7.4%), life/health (up 4.3%), property and casualty (up 3.7%), and claims (up 1.9%).


BLS Reported Adjustments:

Adjusted employment numbers for February show the industry saw an increase of 900 jobs, compared to the previously reported increase of 2,000 jobs. The BLS continues to revise numbers to be most accurate, which may contribute to inconsistencies, depending on when reports were pulled.
*The BLS Job Openings and Labor Turnover Survey report and reports on wages and employment for the industry category are only available for two months prior.
The source for the data represented in PULSE is the U.S. Bureau of Labor Statistics. Insurance data is derived from the insurance carriers and related activities sector.