Bureau of Labor Statistics Data Shows Insurance Industry Added 7,700 Jobs in October
November 4, 2016 by Thomas Harman
WASHINGTON – The U.S. insurance industry added 7,700 jobs in October, according to data released by the Federal Bureau of Labor Statistics Nov. 4.
Overall insurance industry employment in October was 2,621,400 — an increase of 57,600 jobs over September 2015.
Total nonfarm payroll employment nationwide increased by 161,000 in October, while the overall unemployment rate fell slightly from 5.0% to 4.9%, the BLS data said.
Private employment increased by 161,000 jobs in October, meaning U.S. businesses have added 15.5 million jobs during 81 consecutive months dating back to early 2010, extending the longest recorded growth streak, according to Jason Furman, chairman of the White House Counsel of Economic Advisers.
The BLS reports insurance industry total payrolls monthly on a seasonally adjusted basis, along with the current month’s non-farm payrolls. Separately, data by insurance industry segments — broken out by various insurance carrier and non-carrier categories — are available only on an unadjusted basis for the prior month.
Four of eight insurance sectors saw slight growth in September 2016 over August 2016, led by claims adjusting (up 1.72% to 59,200 jobs); direct title insurance and other direct insurance carriers (up 0.22% to 90,600 jobs); direct health and medical insurance carriers (up 0.22% to 550,700 jobs); and insurance agencies and brokerages (up 0.13% to 775,700 jobs). Sectors showing month-to-month decreases in September were led by direct life insurance carriers (down 1.01% to 332,400 jobs); reinsurance carriers (down 0.8% to 24,800 jobs); direct property/casualty insurers (down 0.61% to 521,500 jobs); and third-party administration of insurance funds (down 0.4% to 175,500 jobs).
Seven of eight insurance sectors showed job growth in September 2016 over September 2015, led by direct title insurance and other direct insurance carriers (up 5.1%); claims adjusting (up 4.04%); direct health and medical insurance carriers (up 3.69%); direct property/casualty insurers (up 1.66%); insurance agencies and brokerages (up 1.56%); direct life insurance carriers (up 1.28%); and third-party administration of insurance funds (up 0.75%). The lone sector showing a decrease was reinsurance carriers (down 1.98%).
Just two of seven insurance sectors showed wage increases for September 2016 over August 2016 — claims adjusting (up 4.62%) and third-party administration of insurance funds (up 0.65%). Sectors showing declines were led by direct title insurance and other direct insurance carriers (down 1.81%); reinsurance carriers (down 1.17%); direct property/casualty insurers (down 0.87%); direct life and health insurance carriers (down 0.41%); and insurance agencies and brokerages (down 0.23%).
Five of seven insurance sectors showed wage increases for September 2016 over September 2015, led by direct life and health insurers (up 3.08%); direct title insurance and other direct insurance carriers (up 2.83%); third-party administration of insurance funds (up 1.54%); claims adjusting (up 1.43%); and direct property/casualty insurers (up 0.12%). Sectors showing decreases were led by reinsurance carriers (down 11.55%); and insurance agencies and brokerages (down 2.38%).
(By Thomas Harman, Washington Bureau manager, BestWeek: Tom.Harman@ambest.com)
