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  • Frank Tian

💼 Financial Jobs Dipped Slightly

Despite the layoff headlines, # jobs in finance and insurance largely held steady in September.

🟦 BLS reported a decrease of 13K jobs in the month.

That is -0.2% from the previous month’s 6.6 million jobs.

▪️ Insurance carriers and related activities -9.3K

▪️ Nondepository credit intermediation -7.1K

▪️ Depository credit intermediation +4.5K

🟧 Each bank has its own situation.

In September, Goldman Sachs was reported to lay off hundreds of positions - close to the lower end of a typical 1%-5% cut.

JP Morgan's COO cautioned against layoff, as it will hurt the growth opportunity.

Bank of America CEO believed the bank’s staffing level is okay..

The upcoming Q3 reports will paint a more clear picture.

🟩 US overall unemployment rate -0.2% M/M to 3.5%.

Canada saw a similar trend: -0.2% M/M to 5.2%.

Sources: BLS, Reuters, StatsCan.

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