Dovetailing with the announcement late last week that Nationwide Mutual Insurance Co. is cutting 480 IT jobs is a study by the U.S. Bureau of Labor Statistics that finds the U.S. insurance industry shed jobs for the fifth straight month.

Last month, the industry's payrolls fell to 2.279 million from a seasonally adjusted 2.281 million in February, while the financial services sector as a whole shed 43,000 jobs month-to-month, falling to 7.867 million in March.

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