Securities Industry Employment On The Rise

Some Good news from our partners at BrokerHunter.com for the securities industry

Overall:

128,000 new jobs were created in August, close to the average for the year and close to what the economy needs to absorb new entrants to the labor force to maintain a low employment rate.

The percentage of industries hiring in August rose slightly to 55.9%.

A couple of key sectors lost ground in August: the manufacturing sector lost 11,000 jobs while the factory workweek fell by six minutes and the retail sector shed 13,500 jobs and has lost 47,000 in the past five months.

The Securities Industry:

This month marks not only 5 years since 9/11, but also 3 years since the beginning of the job recovery in this industry.

The securities sector added a modest 2,100 jobs last month, yet it was enough to bring employment to its highest level since January of 2002. Back then, employment levels were on a steep downward track in the post-9/11 slowdown and would not reach rock bottom for nearly 2 more years.

Since the beginning of the recovery in late '03 we have seen moderate employment growth rates in the 2-3% range. While this is well below the apparently unsustainable 8-10% growth rates seen pre-9/11, it is in line with the job growth rate for the remainder of the economy and has resulted in over 50,000 new jobs in the last 3 years.