Finance and Insurance: NAICS 52On This PageAbout the Finance and Insurance sectorThe 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:
NOTE: There was a change in the definition of this subsector between NAICS 2002 and NAICS 2007. Some of the data below reflect the 2002 definition and some reflect the 2007 definition. See the BLS implementation schedule for NAICS 2007 to find out which BLS programs have already implemented NAICS 2007. Workforce StatisticsThis 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, mass layoffs, data for occupations common to the industry, and projections of occupational employment change. Employment, Unemployment, Layoffs, and Openings, Hires, and Separations
(Source: Current Employment Statistics, Current Population Survey, Mass Layoff Statistics, Job Openings and Labor Turnover Survey) Union Membership and Representation
(Source: Current Population Survey) Extended Mass Layoffs
(Source: Mass Layoff Statistics) Employment by Occupation
(Source: Occupational Employment Statistics) ProjectionsFor 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 HoursThis section presents data on employee earnings and weekly hours. The latest industry averages of hourly earnings and weekly hours for production or nonsupervisory employees, as well as weekly earnings by union membership status, are shown. In addition, recent hourly and annual earnings are shown for occupations commonly found in finance and insurance. 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
(Source: Current Employment Statistics) Union Membership and Representation
(Source: Current Population Survey) Earnings by Occupation
(Source: Occupational Employment Statistics) Employer Compensation Costs
(Source: Compensation Cost Trends)
(Source: Compensation Cost Trends) Work-related Fatalities, Injuries, and IllnessesThis 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.
(Source: Injuries, Illnesses, and Fatalities) Workplace TrendsThis section presents data on the number of establishments in finance and insurance. Establishments
(Source: Quarterly Census of Employment and Wages) Other BLS ResourcesThe Editor's DeskSee industry studies in the subject matter index of The Editor's Desk (Current Edition). Career Guide to IndustriesTo learn about careers from an industry perspective, see the Career Guide to Industries.
Data extracted on: May 01, 2009 |
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