Financial Activities

About the Financial Activities supersector

The financial activities supersector is part of the service-providing industries supersector group.

The financial activities supersector consists of these sectors:

• Finance and Insurance: NAICS 52
• Real Estate and Rental and Leasing: NAICS 53

Workforce Statistics

This section provides information relating to employment and unemployment in financial activities. 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, gross job gains and losses, and projections of occupational employment change.

Employment, Unemployment, and Openings, Hires, and Separations

Data series	Back data	Apr. 2009	May 2009	Jun. 2009	Jul. 2009
Employment (in thousands)
Employment, all employees (seasonally adjusted)		7,811	7,784	(P) 7,755	(P) 7,742
Employment, nonsupervisory workers (seasonally adjusted)		6,038	6,015	(P) 5,991	(P) 5,979
Unemployment
Unemployment rate		6.0%	5.7%	5.5%	6.1%
Job openings, hires, and separations (in thousands)
Job openings		199	150	(P) 149
Hires		194	182	(P) 213
Separations		237	161	(P) 157
Footnotes (P) Preliminary

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

Union Membership and Representation

Data series	Back data	2005	2006	2007	2008
Union membership and representation
Members of unions (percent of wage and salary workers)		2.3%	1.9%	2.0%	1.8%
Represented by unions (percent of wage and salary workers)		2.8%	2.3%	2.4%	2.3%

(Source: Current Population Survey)

Dynamic Changes in Employment

Data series	Back data	1st quarter 2008	2nd quarter 2008	3rd quarter 2008	4th quarter 2008
Dynamic changes in employment (in thousands)
Gross job gains		412	394	376	388
Gross job losses		436	455	460	497

(Source: Business Employment Dynamics)

Projections

For projected (future) employment estimates in financial activities, see the Employment and projected employment by major industry sector table.

(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, as well as weekly earnings by union membership status, are shown. This section also contains information on recent rates of change in wages and total compensation.

Earnings and Hours of Production Workers

Data series	Back data	Apr. 2009	May 2009	Jun. 2009	Jul. 2009
Average hourly earnings		$20.64	$20.75	(P) $20.79	(P) $20.74
Average weekly hours		36.0	36.0	(P) 35.9	(P) 36.0
Footnotes (P) Preliminary

(Source: Current Employment Statistics)

Union Membership and Representation

Data series	Back data	Median weekly earnings
		2005	2006	2007	2008
Union membership and representation
Full-time workers		$741	$757	$782	$814
Members of unions		$698	$674	$728	$782
Represented by unions		$696	$691	$738	$782
Nonunion		$743	$759	$784	$816

(Source: Current Population Survey)

Employer Compensation Costs

Data series	Back data	3rd quarter 2008	4th quarter 2008	1st quarter 2009	2nd quarter 2009
12-month percent change
Total compensation		1.9%	1.4%	0.0%	0.6%
Wages and salaries		1.6%	1.2%	-0.4%	0.2%

(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 financial 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	2005	2006	2007	2008
Fatalities
Number of fatalities	101	128	119	(P) 105
Rate of injury and illness cases per 100 full-time workers
Total recordable cases	1.7	1.5	1.4
Cases involving days away from work, job restriction, or transfer	0.8	0.7	0.7
Cases involving days away from work	0.5	0.5	0.5
Cases involving days of job transfer or restriction	0.2	0.2	0.2
Footnotes (P) Preliminary

(Source: Injuries, Illnesses, and Fatalities)

Workplace Trends

This section presents data on the number of establishments and the number of establishments experiencing job gains or job losses in financial activities.

Establishments

Data series	Back data	1st quarter 2008	2nd quarter 2008	3rd quarter 2008	4th quarter 2008
Number of establishments
Private industry		(P) 866,504	(P) 864,522	(P) 863,026	(P) 862,800
Local government		(P) 1,845	(P) 1,839	(P) 1,839	(P) 1,842
State government		(P) 117	(P) 116	(P) 115	(P) 116
Federal government		(P) 1,074	(P) 1,075	(P) 1,073	(P) 1,074
Establishments with changes in employment (in thousands)
With job gains (seasonally adjusted)		157	149	141	147
With job losses (seasonally adjusted)		172	175	170	176
Footnotes (P) Preliminary

(Source: Business Employment Dynamics, Quarterly Census of Employment and Wages)

Other BLS Resources

The Editor's Desk

See industry studies in the subject matter index of The Editor's Desk (Current Edition).

Career Guide to Industries

To learn about careers from an industry perspective, see the Career Guide to Industries.

 

Data extracted on: August 25, 2009