Insurance Industry, Agencies Add Jobs
Even as the economy cooled last month, the insurance industry added 4,900 jobs in December. The U.S. Department of Labor’s Bureau of Labor Statistics said the insurance industry, jobs grew by 0.17 percent over November’s numbers. However, in the overall labor market, improvements have stalled as businesses struggle due to the pandemic and efforts to contain it. Total nonfarm payroll employment dropped by 140,000 jobs in December, the BLS said. The unemployment rate remained steady at 6.7 percent.
The insurance industry employment numbers showed growth year to date, with a 1.17 percent increase of jobs to 2.84 million jobs, compared with 2.81 million in December 2019, the BLS data showed.
Data by industry segment — broken out by various insurance carrier and noncarrier categories — are available only on an unadjusted basis for the prior month. Five of eight categories of insurance jobs showed gains in November compared to October, with employment at insurance agencies and brokerages up 0.66 percent with 869,500 jobs.