December 2023: Labor Market Pulse

Posted by The Jacobson Group

The overall U.S. labor market remains strong as we close out 2023, exceeding some economists’ expectations. November saw a 0.2-point drop in the U.S. unemployment rate and the addition of nearly 200,000 total jobs. Within the insurance carriers and related activities sector, unemployment increased slightly, yet remains low at 2.1%. Of note, the larger finance and insurance sector experienced a drop in open jobs following three months of growth; yet this number continues to fluctuate, with a high 2023 annual average of 355,000 open roles. 

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PULSE icons --01Unemployment for the insurance carriers and related activities sector increased to 2.1% in November. 
PULSE icons --02The insurance carriers and related activities sector gained 1,500 jobs in November.
PULSE icons --03At nearly 3 million jobs, industry employment
increased by approximately 33,600 jobs compared
to November 2022.
PULSE icons --04The U.S. unemployment rate slightly decreased to 3.7% in November and the overall economy added 199,000 jobs.



  • On a year-to-year basis, October* insurance industry employment saw job increases in reinsurance (up 3.6%), TPAs (up 2.3%),  life/health (up 1.5%), agents/brokers (up 1.1%), and property and casualty (up 0.4%). Meanwhile, jobs decreased in title (down 7.9%) and claims (down 1.7%).
  • On a year-to-year basis, October* saw weekly wage increases in title (up 10.3%), property and casualty (up 7.7%), life/health (up 5.8%), agents/brokers (up 5.4%), TPAs (up 3.9%), and claims (up 3.8%). Meanwhile, wages decreased in reinsurance (down 4.5%). 

 Employment: Insurance Carriers and Related Activities   Average Annual Unemployment Rate Comparison

BLS Reported Adjustments: Adjusted employment numbers for October show the industry saw a decrease of 1,400 jobs, compared to the previously reported increase of 1,100 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.