Employment Trends in Finance and Insurance
The finance and insurance sector has had a turbulent year. Notable bank failures in the first quarter shocked markets and employers alike, causing considerable job losses in February of 2023. However, the sector came back strong in the second quarter, making strong gains each month. In June, the sector as a whole added 6,700 new jobs.
Gains were broad-based across subsectors: Securities and commodities gained 3,600 net new jobs, insurance carriers 3,200, and real estate 2,000. The only exception is banking (credit intermediation), which has struggled recently and lost 200 jobs in the last month of the quarter.
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