Financial sector sheds jobs but unemployment rate improvesPosted by: RJ and Makay on Feb 03, 2012 Tagged in: Unemployment Rate , securities , real estate , job numbers , Insurance , funds and trusts , financial sector , Financial Activities , credit , commodities , Bureau of Labor Statistics
 
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While the overall unemployment rate fell to 8.3% in January amid solid job gains in all non-governmental sectors, the financial activities supersector unemployment rate improved from 5.6% in December to 4.9% in January, according to the Bureau of Labor Statistics. However, the supersector shed 5,000 jobs month-to-month, from 7,695,000 in December to 7,690,000 in January.
The financial activities supersector consists of three sectors: finance and insurance, real estate, and rental and leasing.
The finance and insurance sector lost 7,500 jobs, from 5,756,400 in December to 5,748,900 in January, though the unemployment rate for the sector improved a full percentage point from 4.9% to 3.9%.
At monetary authorities, a subsector of finance and insurance, January jobs remained flat from December, at 18,900. Credit intermediation saw a loss of 5,200 jobs, from 2,568,800 in December to 2,563,600 in January.
The securities, commodities and other financial investment activity subsector saw a loss of 2,900 jobs, from 802,600 in December to 799,700 in January.
Insurance carriers showed slight month over month job gains, from 2,281,600 to 2,282,700, an increase of 1,100 positions.
Funds and Trust employment slightly lost ground, from 84,500 in December to 84,000 in January.
The Real Estate and Leasing subsector added 1,600 jobs, from 1,939,000 in December to 1,940,600 in January.
Source:
Bureau of Labor Statistics (http://www.bls.gov/iag/tgs/iag50.htm). Accessed February 3, 2012
Unemployment drops to 8.3%; Payrolls in U.S. jump 243,000 (http://www.bloomberg.com/news/2012-02-03/payrolls-in-u-s-jumped-243-000-in-january-unemployment-rate-drops-to-8-3-.html). Bloomberg, February 3, 2012
