Agent and broker employment in September experienced an expected decline, but the size of the drop was “unusual,” according to Insurance Information Institute President Robert Hartwig.
Agents and brokers shed 3,500 jobs from August to September after adding 300 jobs in August compared to July, according to the latest U.S. Labor Department's Bureau of Labor Statistics figures. In an analysis of the figures, Hartwig says, “Employment in this segment often falls in September — 18 times in the last 22 years — and this month was no exception, although the size of the drop was unusual…. It had not dropped that much since September 2011.”
He notes that while the number of jobs shed was unusual, the percentage change for agents and broker employment, 0.5 percent, is “fairly common,” having gone up or down by that percentage in 12 of the last 24 months.
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