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Moderate Losses, Hints of Hiring

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In August nonfarm payrolls fell by 216,000 – close to market expectations of a 233,000. It was the smallest drop in payrolls in a year.

U.S. payrolls have dropped by 6.9 million to a total of 131.2 million since the recession began in December 2007. Payrolls fell in most sectors of the economy except for health care.

Securities Industry

The Securities Industry lost 3,500 jobs in August, adding to the nearly 43,000 jobs lost this year. It appears to us that job loss is moderating with many companies beginning to get back into hiring mode for the fall and next year for sales positions.

Finance and Insurance

The broader sector didn’t fare quite as well, with loss of over 31,000 jobs almost equally divided between banking and insurance.

Jeff Testerman is vice president of, a leading financial-service employment website with over 75,000 candidates and thousands of job postings. Reach him at [email protected].