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Industries at a Glance
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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
Oct.
2020
Nov.
2020
Dec.
2020
Jan.
2021

Employment (in thousands)

Employment, all employees (seasonally adjusted)

6,526.4 6,532.8 (p)6,539.2 (p)6,540.2

Unemployment

Unemployment rate

3.0% 2.6% 2.8% 2.8%

Job openings, hires, and separations (in thousands)

Job openings

244 190 (p)210  

Hires

158 124 (p)88  

Separations

105 115 (p)98  

Footnotes
(p) Preliminary

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

Union Membership and Representation

Data series Back
data
2017 2018 2019 2020

Union membership and representation

Members of unions (percent of wage and salary workers)

1.5% 1.5% 1.2% 1.4%

Represented by unions (percent of wage and salary workers)

2.1% 2.0% 1.8% 2.2%

(Source: Current Population Survey)

Employment by Occupation

Data series Employment,
2019

Accountants and auditors

113,860

Insurance sales agents

397,490

Loan officers

266,460

Securities, commodities, and financial services sales agents

412,600

Tellers

432,420

(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 and Hours

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.

Earnings by Occupation

Data series Wages, 2019
Hourly Annual
Median Mean Median Mean

Accountants and auditors

$36.75 $41.38 $76,440 $86,070

Insurance sales agents

$24.55 $32.65 $51,060 $67,900

Loan officers

$29.98 $36.22 $62,360 $75,330

Securities, commodities, and financial services sales agents

$29.56 $44.57 $61,480 $92,710

Tellers

$15.01 $15.21 $31,220 $31,630

(Source: Occupational Employment Statistics)

Employee Benefits

This section presents data on the incidence (the percentage of workers with access to and participation in employer-provided benefit plans) and provisions of selected employee benefits from the National Compensation Survey. More Benefits estimates are also accessible from the Benefits database, the archived NCS publications page, and the complete Employee Benefits Excel dataset (XLSX).

Data series Access Participation
Back
data
2020 Back
data
2020

Private industry

Retirement benefit plans

93 85

Defined benefit plans

48 33

Defined contribution plans

92 82

(Source: Employee Benefits in the United States)

Data series After 1 year of service After 20 years of service
Back
data
2020 Back
data
2020

Mean number of vacation days for private industry workers without consolidated leave plans

12 20

(Source: Employee Benefits in the United States)

Data series Back
data
2020

Percent of private industry workers with access to employer-sponsored benefits

Health care

94

Paid vacation

97

Paid sick leave

97

Employer Compensation Costs

Data series Back
data
1st quarter
2020
2nd quarter
2020
3rd quarter
2020
4th quarter
2020

Private industry

12-month percent change

Total compensation

3.0% 3.3% 2.3% 2.5%

Wages and salaries

3.3% 3.5% 2.1% 2.4%

3-month percent change

Total compensation

1.0% 1.1% 0.1% 0.2%

Wages and salaries

1.3% 1.0% -0.3% 0.5%

(Source: Compensation Cost Trends)

Data series Private industry
Compensation component
($ per hour worked)
Percent of total compensation
Back
data
3rd quarter 2020 Back
data
3rd quarter 2020

Total compensation

55.96 100.0

Wages and salaries

36.96 66.1

Total benefits

19.00 33.9

Insurance

4.87 8.7

Retirement

2.09 3.7

Paid leave

5.05 9.0

(Source: Compensation Cost Trends)

Union Membership and Representation

Data series Back
data
Median weekly earnings
2017 2018 2019 2020

Union membership and representation

Full-time workers

$1,076 $1,130 $1,167 $1,266

Members of unions

$980 $909 $1,033 $1,003

Represented by unions

$964 $948 $1,062 $1,125

Nonunion

$1,081 $1,134 $1,169 $1,270

(Source: Current Population Survey)

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 2016 2017 2018 2019

Fatalities

Number of fatalities

26 32 30 21

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

Data series 2019

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

Total recordable cases

0.5

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

0.2

Cases involving days away from work

0.1

Cases involving days of job transfer or restriction

(1)0.0

Footnotes
(1) Rate 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
3rd quarter
2019
4th quarter
2019
1st quarter
2020
2nd quarter
2020

Number of establishments

Private industry

499,466 502,710 (p)505,885 (p)510,804

Local government

189 193 (p)188 (p)190

State government

88 89 (p)87 (p)88

Federal government

786 778 (p)770 (p)767

Footnotes
(p) Preliminary

(Source: Quarterly Census of Employment and Wages)

 

Data extracted on: March 03, 2021