PULSE Newsletter

Monthly Insights on the Insurance Labor Market

July 2024: Labor Market PULSE

Unemployment for insurance carriers and related activities continues to trend downward, while the overall U.S. unemployment rate rises. In June, the U.S. unemployment rate hit a two-and-a-half year high of 4.1%, while the insurance industry experienced its lowest unemployment rate this year at just 1.4%. Insurance employment is also on the rise, with the industry ... July 2024: Labor Market PULSE

PULSE of the U.S. Labor Market - June 2024

June 2024: Labor Market PULSE

In May, the overall U.S. economy hit its highest unemployment rate since January 2022. Conversely, unemployment for the insurance carriers and related activities sector dropped 0.6 percentage points, to 1.8%. U.S. job openings hit a three-year low in April*, while job openings within finance and insurance slightly increased. The industry is also experiencing a voluntary ... June 2024: Labor Market PULSE

May 2024: Labor Market Pulse

The unemployment rate for insurance carriers and related activities rose by .7 percentage points in April, yet hovers around 2%, consistent with the past several months. Industry employment also increased – adding more than 8,000 jobs after hitting the 3 million mark in March. The latest JOLTS report revised February job openings within the larger ... May 2024: Labor Market Pulse

PULSE of the U.S. Labor Market - April 2024

April 2024: Labor Market Pulse

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 ... April 2024: Labor Market Pulse

PULSE of the U.S. Labor Market - March 2024

March 2024: Labor Market Pulse

We’re closing out the first quarter of 2024 on a positive note. Unemployment for the insurance carriers and related activities sector slightly dropped to 2% and industry employment continues to grow – reaching a new record high in February. Job openings for the larger finance and insurance industry are the highest they’ve been since September ... March 2024: Labor Market Pulse

PULSE of the U.S. Labor Market - February 2024

February 2024: Labor Market Pulse

The insurance labor market remained stable throughout the first month of 2024. Notably, January hit a record high of 3 million jobs in the insurance carriers and related activities sector. Revised numbers* from the Bureau of Labor Statistics reflect the 2023 average monthly employment for the industry was 2.96 million – 34,000 more positions than ... February 2024: Labor Market Pulse

PULSE of the U.S. Labor Market - January 2024

January 2024: Labor Market Pulse

Similar to December 2022 (which saw an unemployment rate of 3.5% that quickly fell in the following months), December 2023’s unemployment rate increased to 3.4% for insurance carriers and related activities. Despite this rise in unemployment, the industry added 4,500 jobs last month, contributing to a total gain of nearly 40,000 jobs in 2023. Open ... January 2024: Labor Market Pulse

December 2023: Labor Market Pulse

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 ... December 2023: Labor Market Pulse

November 2023: Labor Market Pulse

While the unemployment rate for insurance carriers and related activities rose slightly in October, it remains low at 1.7%. At the same time, job openings for the larger finance and insurance sector are at their highest level since July 2022, reaching 479,000 in September* (nearly 200,000 more open positions than reported for September 2022, which ... November 2023: Labor Market Pulse

October 2023: Labor Market Pulse

The industry continues to face layered complexities and pressures, further compounding an already difficult talent landscape. The unemployment rate for insurance carriers and related activities continues to decline, dropping to 1% in September, compared to 3.8% for the overall U.S. economy. Given month-to-month fluctuations and a limited BLS sample size, the three month rolling average ... October 2023: Labor Market Pulse

September 2023: Labor Market Pulse

Unemployment continues to decline within the insurance carriers and related activities sector, falling to 1.4% in August, despite a slight increase in the overall economy’s unemployment rate. Job openings within finance and insurance remain elevated compared to pre-pandemic numbers and total separations have declined compared to last year. The previously volatile labor market appears to ... September 2023: Labor Market Pulse

August 2023: Labor Market Pulse

Despite rising costs for health insurance and profitability issues within property and casualty, the industry’s talent landscape remains strong. The unemployment rate for insurance carriers and related activities dropped by more than 1.5 points last month, following a brief spike in June. Industry employment also continues to grow, with the sector adding nearly 30,000 jobs ... August 2023: Labor Market Pulse

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