Insurance Unemployment Rises to 2.5% in May
New BLS data shows the property & casualty sector has lost thousands of jobs in recent months.
Unemployment for insurance carriers and related businesses increased slightly month-over-month in May to 2.5% but remains below the overall U.S. unemployment rate of 5.8%, according to the June 2021 edition of PULSE from The Jacobson Group. In April 2021, insurance-industry unemployment stood at 2%.
Since February 2021, the insurance industry as a whole lost 15,000 jobs, with the property & casualty, life, and health sectors losing 4,000 jobs each. This job loss is partly due to the tough labor market riff with job openings but too few interested prospects to fill positions, said the talent recruitment company, which also noted that figures may improve as the final adjusted numbers from the Bureau of Labor Statistics are released.
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