Posted on 15 May 2013 by Neilson
InsuranceJobs.com, the leading insurance jobs website for insurance professionals, offers an overview of key employment trends in the insurance industry for April 2013 based on preliminary statistics reported by the U.S. Bureau of Labor Statistics (BLS) in the monthly Employment Situation Economic Release.
The U.S. Bureau of Labor Statistics released a report May 3, 2013 announcing a .081 percent decrease in the number of workers in the insurance industry from March 2013 April 2013. According to The U.S. Bureau of Labor Statistics, the insurance industry now employs 2.345 million workers compared to 2.347 million in March2013. The U.S. Bureau of Labor Statistics has adjusted these statics for seasonal changes within the insurance industry.
Employment throughout the insurance industry has been relatively steady thus far in 2013. Final statistics from the U.S. Bureau of Labor Statics show there were 2.347 million insurance employees throughout the United States in January, 2.348 in February and finally 2.347 in March. Although the number of employees within the industry has not wavered, the unemployment rate among insurance professionals has shifted since March. In March 2013 BLS reported an unemployment rate of 3.7 percent for insurance professionals. April's unemployment rate is estimated at 5.8 percent. This marks a two percent increase in the number of insurance professionals unemployed across the nation.
The cause of the shift in unemployment is unclear. BLS has not reported any mass layoff events within the insurance industry since February nor has it published data disclosing the number of initial claimants for unemployment benefits. The increase can be attributed in part to the .081 percent decrease in the number of insurance employees since March 2013.
The unemployment rate is generated from data garnered from previous employees in the insurance industry. Essentially the unemployment rate only applies to those who were once employed and therefore have industry experience. One might conclude that the unemployment rise implies the insurance industry is lacking opportunities for seasoned insurance professionals. However, InsuranceJobs.com has not really seen a decrease in job postings. The demand appears to be somewhat steady from their perspective.