Employment and Compensation

From 2008 to 2012 employment in the financial services industry averaged 5.3 percent of total U.S. employment in private industry. Financial services employment rose by 0.1 percent and 1.1 percent in 2011 and 2012, respectively, after falling by 1.4 percent in 2010 and 3.8 percent in 2009. Despite the recent gains, financial services employment is down 5.6 percent since 2007, which marked the beginning of the recession.

 

EMPLOYMENT IN THE FINANCIAL SERVICES INDUSTRY, 2008-2012

(000)

Year Monetary authorities Depository credit inter- mediation Non- depository credit inter- mediation Activities related to credit inter- mediation Securities, commodity contracts, investments Insurance carriers and related activities Funds/ trusts Total
2008 22.4 1,815.2 632.7 284.8 864.2 2,366.7 90.5 6,076.3
2009 21.0 1,753.8 571.5 264.8 811.3 2,333.0 88.4 5,843.9
2010 20.0 1,728.8 561.7 259.4 800.5 2,303.8 86.8 5,761.0
2011 18.3 1,735.1 559.3 259.7 810.7 2,299.9 85.9 5,769.0
2012 17.2 1,738.1 569.7 271.1 814.4 2,337.1 86.8 5,834.3

Source: U.S. Department of Labor, Bureau of Labor Statistics.

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FINANCIAL SERVICES EMPLOYMENT BY INDUSTRY, 2012

(000)

Source: U.S. Department of Labor, Bureau of Labor Statistics.

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  • Total employment in private industry rose 1.8 percent and 2.2 percent in 2011 and 2012, respectively, after falling 6.9 percent from 2007 to 2010.

 

FINANCIAL SERVICES EMPLOYMENT BY STATE, 2011 (1)

State Number of employees (000)   Rank State Number of employees (000)   Rank
Alabama 70.6 25 Montana 15.8 47
Alaska 8.8 50 Nebraska 60.6 29
Arizona 121.9 17 Nevada 30.4 38
Arkansas 35.2 35 New Hampshire 27.9 40
California 516.0 1 New Jersey 197.2 8
Colorado 101.3 20 New Mexico (2) 33.0 37
Connecticut 116.2 18 New York 505.9 2
D.C. 16.4 46 North Carolina 156.6 10
Delaware 37.1 34 North Dakota 17.1 45
Florida 331.3 4 Ohio 221.3 7
Georgia 154.1 11 Oklahoma 58.1 31
Hawaii 15.5 48 Oregon 56.1 32
Idaho 22.8 43 Pennsylvania 250.6 6
Illinois 290.5 5 Rhode Island 25.0 42
Indiana 99.3 22 South Carolina 70.3 26
Iowa 87.5 24 South Dakota (2) 28.0 39
Kansas 58.7 30 Tennessee 104.4 19
Kentucky 66.4 27 Texas 463.2 3
Louisiana 63.6 28 Utah 52.3 33
Maine 25.4 41 Vermont 9.1 49
Maryland 101.0 21 Virginia 131.4 15
Massachusetts 166.2 9 Washington 93.2 23
Michigan 143.8 12 West Virginia 20.7 44
Minnesota 139.3 13 Wisconsin 133.8 14
Mississippi 33.4 36 Wyoming 6.7 51
Missouri 125.2 16 United States 5,751.8  

(1) Includes banks, securities firms, insurance carriers and related activities and funds/trusts.
(2) Includes real estate and rental and leasing.

Source: U.S. Bureau of Labor Statistics.

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FINANCIAL SERVICES COMPENSATION BY STATE, 2011 (1)

($ millions)

State Compensation (2) Rank State Compensation (2) Rank
Alabama $21,662 25 Montana $3,920 48
Alaska 3,151 49 Nebraska 15,452 32
Arizona 38,942 19 Nevada 9,295 38
Arkansas 9,744 37 New Hampshire 11,121 35
California 253,749 2 New Jersey 97,978 8
Colorado 38,045 20 New Mexico 5,892 43
Connecticut 86,739 9 New York 467,239 1
Delaware 15,203 33 North Carolina 57,115 12
D.C. 9,964 36 North Dakota 4,199 47
Florida 116,241 5 Ohio 68,199 10
Georgia 58,931 11 Oklahoma 14,583 34
Hawaii 4,653 46 Oregon 18,232 28
Idaho 5,153 44 Pennsylvania 98,019 7
Illinois 132,661 4 Rhode Island 9,220 39
Indiana 27,974 23 South Carolina 19,077 27
Iowa 27,544 24 South Dakota 5,946 42
Kansas 17,733 29 Tennessee 35,083 21
Kentucky 19,853 26 Texas 165,631 3
Louisiana 17,664 30 Utah 15,555 31
Maine 7,623 41 Vermont 2,898 50
Maryland 40,488 16 Virginia 48,827 14
Massachusetts 98,857 6 Washington 33,009 22
Michigan 43,441 15 West Virginia 4,662 45
Minnesota 55,972 13 Wisconsin 39,338 17
Mississippi 8,152 40 Wyoming 1,765 51
Missouri 39,334 18 United States $2,451,726  

(1) Does not include real estate.
(2) Includes wage and salary disbursements, bonuses, commissions, pay-in-kind, incentive payments, tips and employer contributions for employee pensions, insurance funds and government social insurance.

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

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