Finance and Insurance: NAICS 52

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
Feb.
2016
Mar.
2016
Apr.
2016
May
2016

Employment (in thousands)

 

Employment, all employees (seasonally adjusted)

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6,103.3 6,117.3 (P) 6,131.5 (P) 6,134.4

Unemployment

 

Unemployment rate

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3.5% 2.8% 2.9% 2.2%

Job openings, hires, and separations (in thousands)

 

Job openings

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228 247 (P) 302  

Hires

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138 120 (P) 133  

Separations

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114 112 (P) 124  

Footnotes
(P) Preliminary

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

Union Membership and Representation

Data series Back
data
2012 2013 2014 2015

Union membership and representation

 

Members of unions (percent of wage and salary workers)

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1.2% 1.3% 1.4% 1.6%

Represented by unions (percent of wage and salary workers)

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1.7% 1.8% 1.8% 2.0%

(Source: Current Population Survey)

Employment by Occupation

Data series Employment,
2015

Accountants and auditors

103,630

Insurance sales agents

377,470

Loan officers

258,020

Securities, commodities, and financial services sales agents

297,360

Tellers

490,840

(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

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data
Median weekly earnings
2012 2013 2014 2015

Union membership and representation

 

Full-time workers

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$941 $963 $989 $1,024

Members of unions

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$852 $898 $880 $983

Represented by unions

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$831 $1,013 $893 $1,004

Nonunion

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$944 $962 $991 $1,024

(Source: Current Population Survey)

Earnings by Occupation

Data series Wages, 2015
Hourly Annual
Median Mean Median Mean

Accountants and auditors

$34.50 $38.54 $71,760 $80,160

Insurance sales agents

$23.17 $31.17 $48,180 $64,820

Loan officers

$29.86 $35.62 $62,110 $74,090

Securities, commodities, and financial services sales agents

$34.03 $49.39 $70,770 $102,730

Tellers

$12.69 $13.09 $26,390 $27,230

(Source: Occupational Employment Statistics)

Employer Compensation Costs

Data series Back
data
2nd quarter
2015
3rd quarter
2015
4th quarter
2015
1st quarter
2016

12-month percent change

 

Total compensation

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2.3% 2.2% 2.5% 1.7%

Wages and salaries

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2.3% 2.1% 2.4% 1.8%

(Source: Compensation Cost Trends)



Data series Back
data
1st quarter 2016
Compensation component
($ per hour worked)
Percent of total compensation

Compensation costs

 

Total compensation

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50.99 100.0

Wages and salaries

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33.03 64.8

Total benefits

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17.96 35.2

Insurance

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4.25 8.3

Retirement

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2.05 4.0

(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 2011 2012 2013 2014

Fatalities

 

Number of fatalities

36 23 21 29

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

Data series 2014

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

 

Total recordable cases

0.7

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

0.2

Cases involving days away from work

0.2

Cases involving days of job transfer or restriction

(1) 0.0

Footnotes
(1) Rounded to zero

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
1st quarter
2015
2nd quarter
2015
3rd quarter
2015
4th quarter
2015

Number of establishments

 

Private industry

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(P) 473,867 (P) 475,714 (P) 478,410 (P) 481,470

Local government

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(P) 169 (P) 168 (P) 169 (P) 169

State government

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(P) 91 (P) 92 (P) 92 (P) 92

Federal government

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(P) 797 (P) 797 (P) 802 (P) 802

Footnotes
(P) Preliminary

(Source: Quarterly Census of Employment and Wages)

 

Data extracted on: June 17, 2016