Posted by The Jacobson Group
AT-A-GLANCE LABOR MARKET NUMBERS
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Unemployment for the insurance carriers and related activities sector increased to 3% in December. |
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The insurance carriers and related activities sector lost 1,800 jobs in December. |
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At more than 3 million jobs, industry employment decreased by approximately 16,600 jobs compared to December 2024. |
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The U.S. unemployment rate decreased to 4.4% in November and the overall economy added 50,000 jobs. |
INSURANCE INDUSTRY HIGHLIGHTS
- On a year-to-year basis, November* insurance industry employment saw job increases in agents/brokers (up 1.5%), title (up 1.3%), property and casualty (up 0.8%) and TPAs (up 0.5%). Meanwhile, jobs decreased in claims (down 17.4%), reinsurance (down 4.5%) and life/health (down 2.4%).
- On a year-to-year basis, November saw weekly earnings increases in all categories: agents/brokers (up 10.3%), title (up 7.3%), property and casualty (up 5.4%), claims (up 2.7%) and TPAs (up 1.7%). **
- Within the larger finance and insurance sector, job openings increased to 245,000 for November. *
- Retirement levels remained stable while the level of voluntary quits increased for finance and insurance in November.
- The average rate of hires within finance and insurance is tracking ahead for 2025 (at 2.1%) compared to 2024 (1.9%) and 2023 (1.8%).
Notes:
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 BLS has not reported on reinsurance and life/health insurance earnings since December 2024.
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.