Preliminary data from the US Bureau of Labor Statistics revealed that jobs growth in the insurance sector eased closer to last year’s average after a spike in December and January.
Jobs grew by 8,700 in December last year, and by 9,000 in January, but slowed to 3,000 in February, according to the Economic Situation Report by the Bureau. The February numbers reflect a 200% month on month reduction compared with January.
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The jobs recorded in the second month of the year is 27% lower than the average job growth recorded last year, which was pegged at 3,800 per month.
A report by PRWEB said that the insurance subsector now employs 2.6 million workers, with unemployment at 2.8%. In 2016, this subsector grew by almost 52,000 jobs, while the average monthly unemployment rate was pegged at 2.5%.
By comparison, the finance sector, to which the insurance subsector belongs, also grew at a more sedate pace in February, adding 7,000 jobs after a spike of 32,000 jobs in January, representing a 357% month on month reduction. Over the last 12 months, this sector has added 190,000 jobs, the report added.
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