INSURANCE UNEMPLOYMENT RATES COOL SLIGHTLY BUT REMAIN AT HISTORIC HIGH
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Access to specialized insurance talent is a competitive advantage to create powerful teams.
Economists predict that competition for workers will fuel a long cycle of inflation and higher pay rates.
Unemployment rates and the wage-and-inflation arms race are only?part of the story.
While jobs rebounded following the pandemic,?people available to work remain scarce, and that’s the problem. For the third straight month, participation of?prime age workers?dipped, leaving jobs unfilled, especially in the fields of insurance and finance where competition for workers is expected to continue for?decades.
Unemployment in the insurance sector inched from 1.1% in October to 1.5% in November. In 2021 the annual average unemployment rate was over 2%, while the average in 2022 was half of that, at an average 1.1%.
(Source: https://www.bls.gov/iag/tgs/iag524.htm)
The overall profile unemployment rate held steady at 3.7% as the economy added 263,000 jobs in November. Despite high-profile tech losses, the?45,000 job cuts?were primarily in retail, warehouse, and transportation sectors.
As 2022 comes to a close, Sanford Rose Associates – Newman Group is working diligently to continue providing a competitive advantage to our clients with all that the new year holds for our industry.
Ready to hire??Leverage our market access & talent influence to?SIMPLIFY YOUR SEARCH FOR TALENT!
About the Author:
→Peg Newman← ?is the Founder of Sanford Rose Associates? – Newman Group. She and the great people on her team have been working diligently for the last 25 years to contribute to the people and the communities in which they live.