Credit Intermediation and Related Activities: NAICS 522

About the Credit Intermediation and Related Activities subsector

The credit intermediation and related activities subsector is part of the finance and insurance sector.

Industries in the Credit Intermediation and Related Activities subsector group establishments that (1) lend funds raised from depositors; (2) lend funds raised from credit market borrowing; or (3) facilitate the lending of funds or issuance of credit by engaging in such activities as mortgage and loan brokerage, clearinghouse and reserve services, and check cashing services.

North American Industry Classification System

The credit intermediation and related activities subsector consists of these industry groups:

  • Depository Credit Intermediation: NAICS 5221
  • Nondepository Credit Intermediation: NAICS 5222
  • Activities Related to Credit Intermediation: NAICS 5223

Workforce Statistics

This section provides information relating to employment in credit intermediation and related activities. These data are obtained from employer or establishment surveys. The following tables present an overview of the industry including the number of jobs, mass layoffs, data for occupations common to the industry, and projections of occupational employment change.

Employment and Layoffs

Data series Back
data
Jun.
2008
Jul.
2008
Aug.
2008
Sep.
2008

Employment (in thousands)

 

Employment, all employees (seasonally adjusted)

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2,794.0 2,788.6 (P) 2,786.9 (P) 2,789.4

Employment, nonsupervisory workers

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2,078.1 2,071.2 (P) 2,065.0  

Layoffs

 

Mass layoff events

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24 30 31  

Initial claimants for unemployment benefits

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1,788 2,264 2,265  

Footnotes
(P) Preliminary

(Source: Current Employment Statistics, Mass Layoff Statistics)

Extended Mass Layoffs

Data series Back
data
3rd quarter
2007
4th quarter
2007
1st quarter
2008
2nd quarter
2008

Extended mass layoff events

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(R) 107 79 (P) 71 (P) 47

Separations

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(R) 19,237 13,616 (P) 13,266 (P) 20,430

Initial claimants

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(R) 18,722 14,809 (P) 14,350 (P) 5,963

Footnotes
(R) Revised
(P) Preliminary

(Source: Mass Layoff Statistics)

Employment by Occupation

Data series Employment,
2007

Customer service representatives

198,210

Financial managers

101,750

Loan interviewers and clerks

199,010

Loan officers

318,760

Tellers

584,830

(Source: Occupational Employment Statistics)

Projections

For projected (future) employment estimates, see the National Employment Matrix, which includes employment estimates by industry and occupation for credit intermediation and related activities.

(Source: Office of Occupational Statistics and Employment Projections)

Earnings and Hours

This section presents data on employee earnings and weekly hours. The latest industry averages of hourly earnings and weekly hours for production or nonsupervisory employees are shown. In addition, recent hourly and annual earnings are shown for occupations commonly found in credit intermediation and related activities. 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 and Hours of Production Workers

Data series Back
data
May
2008
Jun.
2008
Jul.
2008
Aug.
2008

Average hourly earnings

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$17.64 $17.58 $17.55 (P) $17.59

Average weekly hours

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36.4 37.7 36.4 (P) 36.6

Footnotes
(P) Preliminary

(Source: Current Employment Statistics)

Earnings by Occupation

Data series Wages, 2007
Hourly Annual
Median Mean Median Mean

Customer service representatives

$14.07 $14.61 $29,270 $30,400

Financial managers

$37.64 $44.44 $78,280 $92,440

Loan interviewers and clerks

$15.13 $15.85 $31,470 $32,960

Loan officers

$25.18 $29.92 $52,370 $62,240

Tellers

$11.00 $11.32 $22,890 $23,550

(Source: Occupational Employment Statistics)

Employer Compensation Costs

Data series Back
data
3rd quarter
2007
4th quarter
2007
1st quarter
2008
2nd quarter
2008

12-month percent change

 

Total compensation

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1.2% 2.5% 1.4% 3.2%

Wages and salaries

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0.8% 2.5% 0.7% 2.9%

(Source: Compensation Cost Trends)



Data series Back
data
2nd quarter 2008
Compensation component
($ per hour worked)
Percent of total compensation

Compensation costs

 

Total compensation

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33.95 100.0

Wages and salaries

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22.91 67.5

Total benefits

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11.04 32.5

Insurance

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2.82 8.3

Retirement

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1.62 4.8

(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 credit intermediation and related activities. 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 2004 2005 2006 2007

Fatalities

 

Number of fatalities

26 23 21 (P) 23

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

 

Total recordable cases

1.0 1.0 1.0  

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

0.4 0.4 0.3  

Cases involving days away from work

0.3 0.3 0.2  

Cases involving days of job transfer or restriction

0.1 0.1 0.1  

Footnotes
(P) Preliminary

(Source: Injuries, Illnesses, and Fatalities)

Workplace Trends

This section presents data on the number of establishments in credit intermediation and related activities.

Establishments

Data series Back
data
1st quarter
2007
2nd quarter
2007
3rd quarter
2007
4th quarter
2007

Number of establishments

 

Private industry

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(P) 206,834 (P) 207,390 (P) 208,060 (P) 208,001

Local government

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(P) 16 (P) 16 (P) 16 (P) 18

State government

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(P) 24 (P) 24 (P) 24 (P) 24

Federal government

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(P) 925 (P) 926 (P) 926 (P) 925

Footnotes
(P) Preliminary

(Source: Quarterly Census of Employment and Wages)

Other BLS Resources

Career Guide to Industries

See banking in the Career Guide to Industries.

 

Data extracted on: October 08, 2008