May 2023: Labor Market Pulse

Posted by The Jacobson Group

The U.S. labor market remains resilient – despite some economists’ predictions – as we enter May. The insurance carriers and related activities unemployment rate saw just a slight increase to 1.6%; and unemployment for the overall U.S. economy dropped to 3.4%, which along with January 2023, marks a 54-year low. Numbers from the Bureau of Labor Statistics also indicate that insurance industry employment hit a new high watermark in April, at nearly 2,937,000 jobs. 

Within the larger finance and insurance sector, voluntary turnover levels have slightly lowered, along with the number of job openings. Overall, it seems we may be entering a steadier state compared to the past two years.

PULSE icons --01Unemployment for the insurance carriers and related activities sector slightly increased to 1.6% in April. 
PULSE icons --02The insurance carriers and related activities sector gained 15,000 jobs in April.
PULSE icons --03At roughly 2.9 million jobs, industry employment increased by approximately 25,000 jobs compared to April 2022.
PULSE icons --04The U.S. unemployment rate decreased to 3.4% in April and the overall economy added 253,000 jobs.



  • On a year-to-year basis, March* insurance industry employment saw job increases in property and casualty (up 2.8%), TPAs (up 2.7%), life/health (up 1.9%), agents/brokers (up 1.4%), and reinsurance (up 0.7%). Meanwhile, job decreases were seen in title (down 11.6%) and claims (down 9.9%).
  • On a year-to-year basis, March* saw weekly wage increases in property and casualty (up 12.1%), title (up 6.2%), life/health (up 5.2%), TPAs (up 3.5%), agents/brokers (up 1.9%), claims (up 1.6%). Meanwhile, wage decreases were seen in reinsurance (down 2.7%). 

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BLS Reported Adjustments: Adjusted employment numbers for March show the industry saw an increase of 5,100 jobs, compared to the previously reported increase of 4,300 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.