While the pace is slowing, the insurance industry continues to shed workers, new data from the U.S. Bureau of Labor Statistics finds.
The report, the Employment Situation—August 2010, indicates total employment for “insurance carriers and related activities” fell by 1,300 positions on a seasonally adjusted basis. Total employment in the sector was 2,177,700 in August 2010 compared to 2,179,000 reported in July.
The slumping numbers continue the downward trend the industry has seen since the onset of the recession. By comparison, a year earlier the number fell to 2,183,400 in August 2009 from 2,233,400 in July 2009.
Nonetheless, the industry’s employment picture is largely indicative of the nation as a whole as non-farm payroll employment fell by 54,000 jobs in August, and the unemployment rate was about unchanged at 9.6%.