Insurance Industry Adds Jobs While Economy Falters

Copyright: A.M. Best Company, Inc.

Source: BestWire Services

Bucking a national trend that saw the national unemployment rate spike to a 14-year high, U.S. insurance industry payrolls gained 2,500 positions from September to October, according to seasonally adjusted data released Oct. 3 by the U.S. Bureau of Labor Statistics.

For the month, the industry’s payrolls rose to 2.319 million, from a seasonally adjusted 2.316 million in September. The gains reversed a two-month slide for insurance payrolls, which now have risen in five of the past eight months. Total nonfarm payrolls, which have fallen 10 consecutive months in 2008, were down 240,000 jobs to 136.90 million.

Year-over-year, insurance payrolls moved back into slightly positive territory, up 0.14% from the 2.315 million jobs the industry recorded in October 2007. Nonfarm payrolls are down 0.78% over the past year.

The unemployment rate rose from 6.1% to 6.5%, while the number of unemployed persons has increased by 2.8 million over the past year. The financial services sector was down 24,000 jobs from September to October, and the sector has shed 68,400 jobs over the past year.