InsuranceJobs.com Reacts to Bureau of Labor Statistics Mass Layoffs Report

March 4, 2013 | By More
InsuranceJobs.com Reacts to Bureau of Labor Statistics Mass Layoffs Report

“Although we have seen an increase in layoffs, it is relatively small in comparison to other industries who have been hit hard by the struggling economy.”

InsuranceJobs.com sees the “Mass Layoffs – January 2013” report released February 26, 2013 by the U.S. Bureau of Labor Statistics as a positive sign for the insurance industry.

According to the report, there were 557 initial claimants per week in January 2013 for unemployment insurance in the insurance employment sector. This number is up 44 percent from December 2012.

“Although we have seen an increase in layoffs, it is relatively small in comparison to other industries who have been hit hard by the struggling economy. The insurance industry continues to persevere through these tough times and expects to see insurance career growth in the future, “says Jay Rollins, president of InsuranceJobs.com

Layoffs in the insurance industry have remained consistent when compared to other industries. In January 2012 the number of initial claimants for unemployment insurance in the insurance industry was 519 per week compared to 557 per week in January 2013. Similarly the number of initial claimants for unemployment insurance in December 2011 was 369 per week compared to 311 per week for December 2012. The number of initial claimants has not drastically increased or decreased within a year’s time. The statistics prove that insurance professionals continue to maintain job stability.

In comparison, industries that were hit the worst by layoffs in January 2013 include the construction industry with a total of 3,303 initial claimants per week, the manufacturing industry with 12,698 initial claimants per week, and the retail industry with 3,406 initial claimants per week.

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