Insurance Layoffs Declining

Insurance Networking News, August 31, 2009

By Carrie Burns

After months of negative news regarding layoffs and cutbacks, Quebec City, Canada-based WANTED Technologies forecasts a loss of 8,000 jobs in the finance and insurance sector for August, the smallest loss for this sector since July 2008. This follows a smaller-than-expected loss of 12,900 jobs reported by the U.S. Bureau of Labor Statistics for July. WANTED Technologies' Hiring Demand Indicator for Financial Services showed another solid uptick in August, coming off of a three-year low in April.

The Financial Services Hiring Demand Indicator–a measure of year-over-year change in online job advertising– rose for the fourth consecutive month, from -32% in July to -27% in August. According to analysis by WANTED, the financial services sector started to shed jobs even prior to the onset of the recession in December 2007.

 

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