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Insurance job losses deepen as sector employment keeps falling
Insurance carriers and related activities accounted for about 70% of the financial activities job losses, and the sector has shed 2.5% of employment over the past year.
US employers barely added jobs in September, and the insurance sector remains one of the weakest areas of the labor market, according to Insurance Business, citing the Bureau of Labor Statistics' September employment report released Friday morning.
Employers added a net 29,000 jobs last month, well below economist expectations of 88,000 and below the prior year's 45,000-a-month average. The unemployment rate edged up to 4.2% from 4.1% in August.
Insurance is a major driver of the financial sector slowdown, the report shows. Financial activities employment fell by 7,000 in September and is now 129,000 below its May 2025 peak, with insurance carriers and related activities accounting for about 90,000 of those losses, roughly 70%.
Insurance carriers and related activities lost another 2,300 jobs in September, marking the 11th consecutive monthly decline, and employment in the sector is now about 2.93 million, down 76,000, or 2.5%, from a year earlier, the lowest level since September 2022.