The Bureau of Labor Statistics today reported a loss of 12,900 jobs in the Finance and Insurance sector for July, following a revised loss of 19,600 jobs reported by the BLS for June. WANTED Technologies' Hiring Demand Indicator (the yellow line in the chart below) for Financial Services showed another solid uptick in July, coming off of a three-year low in April.
The Financial Services Hiring Demand Indicator–a measure of year-over-year change in online job advertising– rose for the third consecutive month, from -37 percent in June to -32 percent in July. The trend in Hiring Demand in Financial Services had been moving steadily downward from a peak it reached in March 2007 prior to the onset of the recession in December 2007, reaching a bottom that appeared to occur in April at -48 percent.
Within the NAICS code subcategories in the Financial sector, Hiring Demand data for NAICS 522, Credit Intermediation and Related Services—the banking industry—showed a strong tick upward in online job ads, marking four consecutive months of upward trending. BLS reported a loss of 2,200 jobs in July, a solid improvement over June's revised loss of 10,700.
In NAICS 523, Securities, Commodity Contracts and Other Financial investments — the brokerage community–we saw a strong upturn in Hiring Demand, from -35 percent in June to -20 percent in July. This marks the third consecutive strong uptick in Hiring Demand since April. BLS reported a loss in July of 4,400 jobs, an improvement from its revised June number of -7,100.
In NAICS 524, Insurance Carriers and Related, July employment fell 4,800 jobs, a greater loss than the prior month's revised loss of 3,100 and much less than the trough that occurred in December 2008 at a loss of 10,100 jobs. Hiring Demand data showed a strong uptick in July to -18 percent, up from -31 percent in June, continuing the overall upward trend we've seen since the three-year low in January 2009.
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