Financial Sector Sees No Job Growth in September

Financial ServicesThere were no job gains in the Financial Activities sector in September, according to the Bureau of Labor Statistics (BLS) Jobs Report released on Friday.  Financial Activities, which includes the banking, securities, insurance and real estate sub-sectors, has added 147,000 jobs to the economy over the last twelve months.

In September, a small number of job gains occurred in insurance (+2,000) and real estate (+1,000) that were offset by job losses in banking (-2,000) and securities (-1,000).

Over the last twelve months, insurance added 72,000 jobs, real estate grew by 42,000 and securities gained 18,000 jobs.  During the same period, commercial banking lost 17,000 jobs.

Average weekly earnings of Financial Activities jobs increased by 3% over the year.

The September employment numbers are considered preliminary by the BLS and are subject to revision.