U.S. insurance industry payrolls added 3,200 positions from April to May, marking the third consecutive positive monthly move. But unemployment surged and total U.S. nonfarm payrolls continued to shrink, according to seasonally adjusted data released June 6 by the U.S. Bureau of Labor Statistics and reported by A.M. Best.

The financial services sector was down 3,700 jobs from April to May while the nation’s total unemployment rate spiked to 5.5 percent in May, from 5.0 percent in April, the biggest monthly jump in more than a decade. Insurance firms have added 20,000 jobs since May 2007.

The property/casualty segment remained the most highly compensated, with employees averaging $955.74 a week, up 0.3 percent over April 2007. The agent/broker segment was least well-compensated, down 0.5 percent to $725.12 for the same period.

June 10, 2008