Labor Day Report: Financial Sector Adds 19,000 Jobs in August

Total Financial Activities sector employment rose by 19,000 in August and has risen by 170,000 (2.1%) over the past twelve months.  This compares to an average monthly gain of 15,000 jobs year-to-date.  In August, job gains occurred in Credit Intermediation, Insurance, Securities and Real Estate.

Real Estate added the most jobs in August with a gain of 7,800.  Employment in Real Estate has increased by 45,200 (2.2%) over the past 12 months.

Employment in the Securities industry rose by 23,300 (2.6%) over the prior twelve months, averaging a gain of 2,600 jobs per month since January.

Insurance carriers and related activities added 2,300 jobs in August and has gained 80,200 (3.2%) over the year. This compares, however, to an average monthly gain of 6,300 year-to-date.

Credit Intermediation employment rose by 5,500 in August and has gained 22,300 (less than 1%) jobs during the past 12 months.  The positive gain in 2015 of 2,500 jobs per month on average compares to an average monthly loss of 1,000 per month in 2014 and 2,900 per month in 2013.  Within Credit Intermediation, Commercial Banking employment was unchanged in August.  While Commercial Banking lost 14,900 during the past 12 months, the average monthly decline of 1,100 jobs in 2015 is less than in 2014 and 2013 when the average monthly job loss was 2,000 each year.

Since January, average weekly earnings in Financial Activities have risen by 2.7%.  This compares to a 1.9% increase across all industries over the same time period.  Despite the lack of robust job growth, Financial Activities continues to rank among the highest paid sectors, which include:  Utilities, Mining & Logging, Information and Financial Activities.

Source:  Bureau of Labor Statistics Employment Situation – August 2015