|Copyright:||(c) 2011 A.M. Best Company, Inc.|
|Source:||A.M. Best Company, Inc.|
The U.S. insurance industry added 3,200 jobs in May, showing the first significant increase the industry has seen in almost a year. The overall economy remained relatively flat, adding just 54,000 jobs during the month, according to the latest employment report released by the
Following revisions made by the bureau, the industry posted a 0.1% decline in April, losing 2,200 positions across the country. The bureau had previously reported losses of 2,300 (BestWire,
Coming on the heels of a razor-thin 0.04% uptick in March, the past three months’ employment numbers may indicate that the bleeding the insurance industry has seen over the past year is slowing.
The unemployment rate ticked up to 9.1% from 9.0% in April. Hiring in professional and business services accounted for the vast majority of the overall economy’s increase in jobs. Those sectors added 44,000 jobs in May.
Total insurance industry payrolls are reported each month on a seasonably adjusted basis, along with the current month’s nonfarm payrolls. Separately, data by industry segment — broken out by various insurance carrier and noncarrier categories — are available only on an unadjusted basis for the prior month.
Based on just-released
All insurance sectors other than title insurance continued to see increases in weekly wages on a year-to-year comparison. Life insurance wages,
At the other end of the spectrum, title insurance wages fell 15% to