US insurance industry adds 19.7k jobs in April, multi-decade record

The US insurance industry went on an April hiring spree, rendering the single largest monthly payroll growth in decades, preliminary data from the  US Bureau of Labor Statistics (BLS) showed.

Total employment in the broad industry rose 19.7k or 0.7% in April, a record high dating back at least to 1990.

The prior month decline in employment, now pegged at 2.2k (versus an initial preliminary estimate of 3.3k), came on continued slippage for headcounts in carriers and a pullback from stronger growth for agencies, brokerage and other related firms.

Employment in carriers fell by 0.6k in March, the fourth consecutive month of decline, traceable to non-life, non-medical. Employment in carriers remains down 1.3% year on year.

Agency and brokerage employment, which has bragged of above-industry employment growth since early 2020, suffered a fractional monthly decline in March, the first monthly decline in employment since April 2021.

Employment in the broad sector contrasted with a total increase in nonfarm payrolls by 428,000 in April. Job gains were widespread, with the largest gains occurring in leisure and hospitality, in manufacturing, and in transportation and warehousing.

The BLS presents employment data on a monthly timetable based on surveys of employers. The statistical estimates are seasonally adjusted, predominantly to account for calendar effects (4-week vs 5-week months in payroll schedules).

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.