Employment for agents and brokers has reached an all-time high, according to the most recent data from the U.S. Bureau of Labor Statistics (BLS).
As of June 2014, employment for agents and brokers grew to 686,100—exceeding the prior peak of 684,500 set in July 2007. During the past 12 months, agents and brokers have experienced robust growth of 3.78%, second only to health among insurance industry sectors.
The growth is a part of a four-year trend and represents a strong turnaround for agents and brokers from the depths of the Great Recession. Agents and brokers weathered more than 40,000 lost jobs between the beginning of the Great Recession in December 2007 and the recent low of 640,700 jobs in the sector in May 2010, according to a recent presentation from the Insurance Information Institute.
Average weekly earnings for agents and brokers have also continued to increase, up more than 4% in May and nearly 2% in June for a total of $1,166.96, according to BLS statistics. Average weekly earnings for agents and brokers are nearly 40% higher than average earnings for all private sector workers.
Joseph Doherty is Big “I” counsel.