While many experts are bullish about the insurance industry shaking off the effects of the economic crisis in the coming year, the reality for insurance workers isn't as rosy in the here and now. The U.S. Bureau of Labor Statistics (BLS) announced Friday that the U.S. insurance industry lost 3,400 jobs in October, which is the 12th consecutive month of losses, according to seasonally adjusted data.
Last month, industry payrolls were 2.244 million, down from a seasonally adjusted 2.247 million in September. The September data was revised downward from the 2.249 million jobs reported last month, changing September's job losses to 3,000. In the past year, the industry has lost 67,100 jobs, a drop of 2.9%, compared with a 4% fall for nonfarm payrolls, according to current BLS data.
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