Industries at a Glance

Finance and Insurance: NAICS 52

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About the Finance and Insurance sector

The finance and insurance sector is part of the financial activities supersector.

The Finance and Insurance sector comprises establishments primarily engaged in financial transactions (transactions involving the creation, liquidation, or change in ownership of financial assets) and/or in facilitating financial transactions. Three principal types of activities are identified:

1. Raising funds by taking deposits and/or issuing securities and, in the process, incurring liabilities. Establishments engaged in this activity use raised funds to acquire financial assets by making loans and/or purchasing securities. Putting themselves at risk, they channel funds from lenders to borrowers and transform or repackage the funds with respect to maturity, scale, and risk. This activity is known as financial intermediation.

2. Pooling of risk by underwriting insurance and annuities. Establishments engaged in this activity collect fees, insurance premiums, or annuity considerations; build up reserves; invest those reserves; and make contractual payments. Fees are based on the expected incidence of the insured risk and the expected return on investment.

3. Providing specialized services facilitating or supporting financial intermediation, insurance, and employee benefit programs.

In addition, monetary authorities charged with monetary control are included in this sector.

North American Industry Classification System

The finance and insurance sector consists of these subsectors:

Workforce Statistics

This section provides information relating to employment and unemployment in finance and insurance. While most data are obtained from employer or establishment surveys, information on industry unemployment comes from a national survey of households. The following tables present an overview of the industry including the number of jobs, the unemployment rate of those previously employed in the industry, job openings and labor turnover, union membership and representation, data for occupations common to the industry, and projections of occupational employment change.

Employment, Unemployment, and Openings, Hires, and Separations

Data series Back
data
Dec.
2013
Jan.
2014
Feb.
2014
Mar.
2014

Employment (in thousands)

Employment, all employees (seasonally adjusted)

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5,883.1 5,875.1 (P) 5,881.4 (P) 5,878.0

Unemployment

Unemployment rate

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3.8% 3.6% 3.5% 3.6%

Job openings, hires, and separations (in thousands)

Job openings

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176 203 (P) 168

Hires

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84 110 (P) 99

Separations

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104 135 (P) 87

Footnotes
(P) Preliminary

(Source: Current Employment Statistics, Current Population Survey, Job Openings and Labor Turnover Survey)

Union Membership and Representation

Data series Back
data
2010 2011 2012 2013

Union membership and representation

Members of unions (percent of wage and salary workers)

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1.3% 1.1% 1.2% 1.3%

Represented by unions (percent of wage and salary workers)

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1.8% 1.4% 1.7% 1.8%

(Source: Current Population Survey)

Employment by Occupation

Data series Employment,
2013

Accountants and auditors

96,910

Insurance sales agents

346,170

Loan officers

264,820

Securities, commodities, and financial services sales agents

308,590

Tellers

520,710

(Source: Occupational Employment Statistics)

Projections

For projected (future) employment estimates, see the National Employment Matrix, which includes employment estimates by industry and occupation for finance and insurance.

(Source: Office of Occupational Statistics and Employment Projections)

Earnings

Weekly earnings by union membership status are shown. Recent hourly and annual earnings for occupations commonly found in educational services. This section also contains information on the average cost of benefits paid by employers, as well as recent rates of change in wages and total compensation.

Union Membership and Representation

Data series Back
data
Median weekly earnings
2010 2011 2012 2013

Union membership and representation

Full-time workers

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$902 $907 $941 $963

Members of unions

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$819 $819 $852 $898

Represented by unions

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$829 $826 $831 $1,013

Nonunion

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$905 $908 $944 $962

(Source: Current Population Survey)

Earnings by Occupation

Data series Wages, 2013
Hourly Annual
Median Mean Median Mean

Accountants and auditors

$33.03 $36.95 $68,700 $76,850

Insurance sales agents

$23.20 $30.63 $48,250 $63,700

Loan officers

$29.06 $34.13 $60,450 $70,980

Securities, commodities, and financial services sales agents

$34.65 $49.27 $72,080 $102,480

Tellers

$12.20 $12.62 $25,380 $26,250

(Source: Occupational Employment Statistics)

Employer Compensation Costs

Data series Back
data
1st quarter
2013
2nd quarter
2013
3rd quarter
2013
4th quarter
2013

12-month percent change

Total compensation

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2.3% 2.2% 2.4% 2.7%

Wages and salaries

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2.5% 2.4% 2.2% 2.7%

(Source: Compensation Cost Trends)



Data series Back
data
4th quarter 2013
Compensation component
($ per hour worked)
Percent of total compensation

Compensation costs

Total compensation

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45.01 100.0

Wages and salaries

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29.77 66.1

Total benefits

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15.25 33.9

Insurance

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3.86 8.6

Retirement

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1.95 4.3

(Source: Compensation Cost Trends)

Work-related Fatalities, Injuries, and Illnesses

This section presents data for the industry on the number of workplace fatalities and the rates of workplace injuries and illnesses per 100 full-time workers in finance and insurance. An injury or illness is considered to be work-related if an event or exposure in the work environment either caused or contributed to the resulting condition or significantly aggravated a pre-existing condition.

Data series 2009 2010 2011 2012

Fatalities

Number of fatalities

33 24 36 23

Rate of injury and illness cases per 100 full-time workers

Total recordable cases

0.8 0.8 0.8 0.7

Cases involving days away from work, job restriction, or transfer

0.2 0.3 0.3 0.2

Cases involving days away from work

0.2 0.2 0.2 0.2

Cases involving days of job transfer or restriction

0.1 0.1 0.1 0.1

Blank cells indicate no data reported or data that do not meet publication criteria.

(Source: Injuries, Illnesses, and Fatalities)

Workplace Trends

This section presents data on the number of establishments in finance and insurance.

Establishments

Data series Back
data
4th quarter
2012
1st quarter
2013
2nd quarter
2013
3rd quarter
2013

Number of establishments

Private industry

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467,149 (P) 464,379 (P) 466,227 (P) 467,323

Local government

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178 (P) 163 (P) 164 (P) 164

State government

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88 (P) 86 (P) 87 (P) 86

Federal government

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838 (P) 837 (P) 840 (P) 837

Footnotes
(P) Preliminary

(Source: Quarterly Census of Employment and Wages)

Other BLS Resources

The Editor's Desk

See industry studies in the subject matter index of The Editor's Desk (Current Edition).

Career Guide to Industries

To learn about careers from an industry perspective, see the Career Guide to Industries.

Data extracted on: April 24, 2014

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