The FIRE industry reported strong quarterly growth of 2.1%, representing the addition of 2565 employees. All sectors grew over the quarter. Insurance Carriers (63), up 623 employees, incurred the largest sector increase. Gains occurred mainly in large companies in life; accident & health; fire, marine & casualty insurance and pension & retirement funds. While expansion was the common reason for increased employment, growth in pension & retirement funds was primarily due to the relocation of staff from New York. Credit Agencies (61) took on 552 new employees. Heavy hiring by one firm classified in Business Credit Institutions (615) and a multitude of small gains in Mortgage Bankers (616) generated the growth. Banking (60) added 485 employees. The majority of employment gains occurred in national banks and may possibly be the result of misreporting rather than expansions. Security & Commodity (62) added 363 employees and Insurance Agents (64) added 372.
ANNUAL
Since second quarter 1996 employment in the FIRE industry rose 7.4%. The past four quarters have seen sizable employment advances contributing to the overall annual increase of 8437 employees. Insurance Carriers (63) up 2210 employees reported the largest annual gain. Slightly more than 900 employees were added in the Accident & Health Insurance & Medical Service Plan (632) category as many managed care companies grew. More than 600 were added in Fire, Marine & Casualty insurance (633). Banking (60) employment rose by 1440 employees. Its strongest sector was Commercial Banking (602) which gained 925 employees from SIC changes in January, expansions and creative reporting. Functions Related to Depository Banking (6099) which contains clearing houses and check cashing agencies contributed 342 to the Banking sector. Employment in the sector, Credit Agencies (61), increased by 1295. Employment in institutions providing personal and business credit and mortgage bankers and brokers grew.
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