The Bureau of Labor Statistics today reported a loss of 8,800 jobs in the Finance and Insurance sector for September, following a revised loss of 18,200 jobs reported by the BLS for August. Losses of 7,400 jobs in the Banking sector were the largest component of the overall employment decline.
The Financial Services Hiring Demand Indicator–a measure of year-over-year change in online job advertising– rose for the fifth consecutive month, from -27 percent in August to -25 percent in September.
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 9 percent rise in online job ads, regaining the upward trending we've seen since April. BLS reported a loss of 7,400 jobs in September, and revised its August loss downward from 4,900 to 9,700. July's gain of 400 jobs was also revised into negative territory, with a loss of 1,900 jobs.
In NAICS 523, Securities, Commodity Contracts and Other Financial investments — the brokerage community–September employment registered no change, while the August loss of 2,300 jobs was revised upward to a loss of 1,800. While Hiring Demand data showed a 24 percent year-over-year decline in the number of online jobs in September, this drop was generated by a spike in job ads in September 2008.
Today's news was a great improvement for the Insurance sector. In NAICS 524, Insurance Carriers and Related, September employment fell just 1,000 jobs, and August's loss was revised significantly upwards, from 12,800 to 6,900. July's loss also saw a significant positive revision, from 9,400 to 5,400. Hiring Demand data showed a solid uptick in September, from -21 percent to -16 percent.
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