Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Practice Management > Building Your Business

Employment News: Challenges and Opportunities

Your article was successfully shared with the contacts you provided.

Free fallin’ is what the U.S. labor market seems to be doing, particularly over the last five months. The headline news in January’s employment report was the sharpest drop in payrolls since 1974; over 34 years ago.


Employment contracted by nearly 600,000 in January; this report was a negative surprise with economists were expecting a number of just over a half million. Since the recession began in December of 2007, the U.S. economy has lost over 3.5 million jobs; but the worst part is that the bottom is not yet in sight.

Finance and Insurance

This broad sector fell by almost 48,000 jobs or about 0.8 percent in the month of January. Job losses during the trailing 12-months period since February of ’08 amount to nearly 3 percent of the workforce and total over 175,000.

Securities Industry

In January, the securities industry experienced the worst single month’s job loss, in our records, which go back 16 years. For the month, 18,000 workers lost jobs, and for the eight month period from June 2008 through January 200 employment retracted by 47,000 workers; falling from a historically record high employment level in June of last year.

While it is true that many firms are not hiring in this industry, it is also true that we are experiencing a significant number of firms who are recognizing that an unprecedented number of high-quality job candidates are looking, and these firms are starting to take advantage of this opportunity. Most of the jobs are in sales, while salaried positions are at a premium until this economy and the financial markets can stage some sort of recovery.

Research magazine/Summit Business Media and will present the Virtual Career Fair for Financial Services on Wednesday, April 29, and Wednesday, October 21. For more info, see .

Jeff Testerman is vice president of sales for, based near Atlanta; reach him at [email protected]


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.