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Employment Up in Agent & Broker Segment

The U.S. Labor Department’s Bureau of Labor Statistics just published data as of October 2016 on detailed insurance industry employment, and the Insurance Information Institute website contains updated multi-decade trend data...
December 8, 2016

The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of October 2016 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data.

Overall, the U.S. economy is nearing full employment. In November there were more than 123.7 million people employed in the private sector (not seasonally adjusted)—2.05 million more than a year earlier (up 1.7 percent)—and a new peak. In October 2016, on a year-over-year basis, employment in most segments of the insurance industry was up to varying degrees.

The agent/broker segment gained 6,100 jobs in October 2016 vs. October 2015 (up 0.8 percent) to 780,100. Employment growth in this category in the last three years has been extremely strong. In July 2012 this segment employed 660,700, so that in the subsequent 51 months, employment rose by 119,400, or 18.0 percent. More granularly, employment rose by 31,600 in 2013, by 52,300 in 2014 and by 26,600 in 2015. However, the spurt might be ending: with 10 months of 2016 in, employment in this segment is up only 5,300.

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