Insurance employment took a nosedive in March, dropping by 70% month on month, according to preliminary data outlined in the Economic Situation Report by the US Bureau of Labor Statistics.
Government data revealed that the insurance sector gained 800 jobs in March, which is a stark contrast to the 2,700 jobs gained in February. In the past 12 months, the industry has been growing at an average of nearly 4,000 jobs per month, covering the 2,000-job loss posted in November and the December high of 8,700 jobs added.
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PRWeb reported that the sector now has a 2.6-million-strong workforce. Unemployment stood at 2.4% in March, which is consistent with the annual average of 2.4%, the news service said.
Growth in the insurance subsector accounted for 10% of the overall growth of its parent sector, the finance and insurance industry. Credit intermediation and related activities brought in the lion’s share of job growth, the report said, with 6,100 jobs added in the last month.
Meanwhile, the broader finance and insurance sector posted 7.8% growth in the same period.
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