The U.S. insurance industry added 2,700 jobs in July, continuing its hiring trend, though the expansion pace slowed, according to preliminary figures, according to AM Best report.
Employment in insurance rose by 42,000 compared to July 2023, keeping the industry above the 3 mn mark, as reported in the Bureau of Labor Statistics (BLS) monthly jobs report. This level has been maintained throughout the year.
In June, the insurance industry saw a surge with 8,600 jobs added, reflecting growth in both the sector and the broader economy, as per preliminary figures from the BLS.
From June 2023, insurance employment increased by 46,800, consistently staying above the 3 million mark. The industry surpassed this threshold earlier in the year.
Overall, nonfarm payroll employment grew by 114,000 jobs in July, while the unemployment rate increased to 4.3%. The labor force participation rate in July was 62.7%, up slightly from 62.6% in June.
The BLS reported job gains in health care, construction, transportation, and warehousing sectors, while the information sector saw a decline.
“Today’s report indicates more gradual employment growth as inflation has significantly declined,” President Joe Biden said.
Business investment remains strong, partly due to our ‘Investing in America’ agenda, which is creating well-paying jobs in underserved communities
President Joe Biden
“There’s more to do, but we’re making progress growing the economy from the middle out and the bottom up.”
For the insurance industry, total payrolls are reported monthly on a seasonally adjusted basis, along with the current month’s nonfarm payrolls. Data by industry segment, categorized by various insurance carrier and noncarrier types, are available on an unadjusted basis for the prior month, June.
