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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

Finance and Insurance sector

Financial sector unemployment rate soars

Posted by RJ and Makay on Feb 07, 2011

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Confidence in Finance Although the latest government figures show overall unemployment has fallen from 9.4% to 9%, it appears joblessness in the financial sector is on the rise.

According to the Bureau of Labor Statistics (BLS), there are fewer people working in the financial sector than at anytime in the last 10 years. The preliminary numbers show 7,606,000 workers in the industry for January. This represents a loss of 60,000 jobs since last January and a loss of 742,000 jobs since the peak in February 2007, when the financial sector boasted 8,348,000 employees.