Financial Industry Adds 10,000 Jobs in August

August’s employment is largely due to gains within the real estate sector and modest gains in finance and insurance, whereas July’s gains were a result of the opposite: gains occurring in finance and insurance, and losses in real estate.

The financial industry added 10,000 jobs in August according to preliminary numbers reported by the U.S Bureau of Labor Statistics’ Economic Situation Report released on Friday, September 1, 2017.

“The financial industry added 10,000 jobs for the second straight month,” said Jay Rollins, owner of FinancialJobsWeb.com, a leading career site specializing in financial job postings. “However, August’s employment is largely due to gains within the real estate sector and modest gains in finance and insurance, whereas July’s gains were a result of the opposite: gains occurring in finance and insurance, and losses in real estate.”

The financial activities sector, which includes jobs in finance, as well as insurance and real estate, now sits at 8,464,000 employed persons with an unemployment rate of 2.5 percent. “The unemployment rate has remained around 2.3 or 2.5 percent since March of this year,” said Rollins.

Within the financial activities supersector, the finance and insurance sector added 2,900 jobs while real estate, rental and leasing added 6,800 jobs. The unemployment rate for both sectors reached 2.5 and 2.3 percent, respectively.

Across all industries, the US economy added 156,000 jobs in August while the unemployment rate was little changed at 4.4 percent. Job gains largely occurred in manufacturing, construction, professional and technical services, health care and mining.

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