Insurance Industry Loses 4,800 Jobs in May

The global coronavirus infection is still restraining job growth. The US Department of Labor (DOL) reports that the insurance industry lost 4,800 jobs in May over April, according to the U.S. Bureau of Labor Statistics. For the insurance industry, jobs shrunk 0.17 percent over April’s numbers.

Reflecting the volatility of the job market, numbers have ping-ponged between gains and losses in recent months. In April, the industry lost 7,000 jobs; in March, the industry gained 11,200 jobs; in February it lost 2,900 jobs and likewise January posted job losses of 9,300 positions.

Data by industry segment are available only on an unadjusted basis for the prior month. Five of seven job categories posted job losses in April over March, including insurance agencies and brokerages (down 0.39 percent with 862,500 jobs).