The Bureau of Labor Statistics today reported a loss of 25,300 jobs in the Finance and Insurance sector for March, a smaller drop than the 33,100 loss predicted by WANTED Technologies. This is the second straight month of decreasing job losses in this sector reported by the BLS, following a revised report for February of 27,100 jobs lost. This trend is consistent with WANTED's data, which indicates the worst of the employment decline in that industry may be over.
Taking a look at the data by smaller units as defined by NAICS codes, WANTED's data shows a tick downward in new job ads for employment in NAICS code 522, credit intermediation and related services in banking. Job ads are now down nearly 37% year-over-year, although still above the 40% decline we saw in November.
We have no good news this month for jobs in NAICS 523, securities, commodity contracts and other financial investments — the brokerage community. After an upward tick last month, our data shows another drop–job ads are now down over 50% year-over-year.
And finally, the data shows that new job ads for NAICS 524, insurance carriers and related services, has twice bounced back from a floor of roughly negative 40% year-over-year. BLS reports a loss of only 2,100 jobs in this sub-sector, less than WANTED's forecast of 7,400 jobs lost.