Overall
The U.S. economy lost 62,000 jobs in June continuing a trend for 2008 that has seen an employment contraction of nearly 440,000. As has been typical for the Labor Department, revisions to previous data paints an even bleaker picture with payroll losses in April and May revised down to show 52,000 more jobs lost, than previously reported .
Employers are struggling to cope with higher energy prices and uncertainty about how long the economy will be stalled. Housing, credit and financial issues continue to hamper the economy, which includes continued job losses in construction, manufacturing and certain sectors with financial services.
Securities Industry
The Securities Industry continued to buck the downward trend reflected in the overall job market, by adding jobs in June. In fact, the industry remains at record high employment levels at 869,000 workers; having added 13,700 net new employees in 2008.
This strength, while well below the growth rate of past years at about 1.5%, is surprising in light of the melt downs occurring at some of the larger institutions, especially banking and in firms with exposure to mortgage related securities.
Insurance Industry
On the insurance side, about 4,600 new jobs were added in June, bringing this year's total job creation number to a bit over 20,000. This growth brings total insurance industry employment to new historical high levels, as well, with over 2,325,000 workers in this area.
Comments? Visit the JobBlog from BROKERHUNTER.com!
| Announcing ... BROKERHUNTER.com This "FREE for job seekers" event is designed to bring a highly specialized audience of career-oriented professionals together with some of the leading Industry Employers in an exciting, innovative Virtual environment online and live at your own personal computer! Mark your calendar - this event will be held from 9AM until 8PM EDT LIVE on October 22, 2008 and for an additional 30-days after "On Demand" at your desktop. Don't miss it!  This career event is sponsored by Summit Business Media publishers of Research, Investment Advisor, Wealth Manager, Futures, Life Insurance Selling, American Agent & Broker, National Underwriter Life & Health, National Underwriter Property & Casualty Magazines! |
New York-Long Island | Kedem Capital Corp. |
State Farm Insurance | |
Florida-Tampa/St Petersburg | Financial Network Investment Corporation, an ING company |
Company Confidential | |
Washington-Other | Raymond James Financial Services |
BERMAN McALEER | |
Scottrade, Inc. | |
Schwarzkopf Recruiting Services | |
New York-New York City | R.F. Lafferty & Co. |
New Mexico | Waddell & Reed |
Fox Financial Management | |
California-Other | Prudential Financial |
Farmers Insurance Group | |
1 MerchantsCash | |
Massachusetts-Boston | Hanson McClain |
Vanguard | |
AEI Fund Management, Inc. | |
Integrity Wealth Management | |
Equable Securities Corporation | |
MassMutual Financial Group |
Ch-ch-ch-changes By James Peter RubinTo be sure, career change isn’t easy; studies show that few undertakings are scarier or more stressful. After years of moving in one direction, it means changing courses and venturing into unfamiliar territory. It involves a frank appraisal of your passions and life goals. And it demands that you build a new body of information and contacts. But the rewards can be great. You’ll pick up fresh skills, buff others, and learn about areas that were previously unknown to you. Ideally you’ll discover a more rewarding— perhaps even more lucrative—calling. Once you leave the tightly structured domain of Wall Street, you may find a berth that will allow you a great hands-on roll in operations and strategy—along with a more manageable work-life balance. Among the possibilities that await you: Financial Services The skills that led you to banking may help you land a job in another part of financial services. Private equity, venture capital, and hedge funds are logical next steps. Like banking, these areas will allow you to work on mergers, acquisitions, and public offerings. Still, the cultures are quite different: more entrepreneurial and self-starting, and perhaps not suited to some who are used to the structured environment of an investment bank. You’ll get little formal training; instead, you’ll be expected to learn on the job—fast.
Finance Jobs You might consider a job outside of financial services, as an in-house finance person in another industry. Young, up-and-coming companies in technology or biotech, introducing many of the world’s most interesting new products, need people who can manage their balance sheets and structure deals. Some consumer goods, manufacturing and media and entertainment companies also can use expert help. The big upside: You’ll be able to use the same skills you were pointing toward investment banking—often in a more reasonable, less stressful environment. Nonprofits The financial rewards at nonprofit organizations may not be as high as in banking, but the spiritual benefits can be enormous, especially if you feel passionate about the cause itself. The nonprofit area is begging for talented finance professionals. Note: JPMorgan Chase recently found positions at charities for some of its stranded Bear Stearns recruits. Pipe Dreams Perhaps, when you first embarked on a banking career, you buried a deep-seated interest that seemed more risky and less immediately remunerative. Well, now is the time to readdress your original dream, be it starting a bed-and-breakfast, teaching schoolchildren, or even venturing into the arts. Career coach Deborah Brown Volkman tells of a former financial services professional who lost her job and revisited her first love: horticulture. Now she’s working in a nursery—and loving it. Reproduced from Wetfeet.com. Author: James Rubin has written about recruiting and employee development issues for a decade. His thought papers for the Economist Intelligence Unit on talent management and related articles have been quoted in major publications worldwide. |
| ||||||||||||||||||
.jpg){kind=small}
Quick Links
| |||||
| |||||
