U.S. securities industry employment decreased by 5,900 positions in 3Q’12, according to the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). As of end-September, there were 799,900 people employed by the industry, a 0.7 percent decline from 2Q’12 and a 0.8 percent decrease year-over-year (y-o-y). It was the fourth quarterly decrease of securities industry employment in the U.S. in the past five quarters and came after discouraging industry results in the second quarter, when U.S. broker-dealers posted a quarterly net income of $4.1 billion, a 46 percent decline from $7.5 billion earned in 1Q’12.

The tri-state area (Connecticut, New Jersey, and New York) lost 1,900 securities industry jobs in 3Q’12, employing 259,100 people at the end of September 2012, a 0.7 percent decrease from 2Q’12 and a 1.3 percent decline from 3Q’11. The tri-state area accounts for 32.4 percent of the securities industry employment nationwide, unchanged from previous quarter and down slightly from 32.6 percent in 3Q’11.

About the Report

The securities industry employment report tracks trends of industry employment, with a greater focus on New York State and New York City giving a perspective using quarter-over-quarter and year-over-year data.

Credits

SIFMA Research

• Managing Director, Director of Research: Kyle Brandon
• Research Analyst: Justyna Podziemska