After increasing by 600 jobs in 4Q’10, U.S. securities industry employment expanded further, adding 2,200 positions (0.3 percent) in 1Q’11. The securities industry added jobs despite the overall decrease in employment in the U.S.; U.S. nonfarm employment shrunk by 1.1 million jobs, or 0.9 percent, in the first quarter. The preliminary figure of 806,500 employed in the securities industry as of end-March is the highest since June 2009, when employment stood at 808,700 jobs. Industry employment remains 7.8 percent below its all-time high of 874,500 in June 2008, but has been showing an upward trend since the post-crisis low of 195,600 jobs in March 2010.

Over 40 percent of the jobs created in U.S. securities industry in 1Q’11 were added in the tri-state area (Connecticut, New Jersey, and New York). The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) reported a 0.4 percent increase (900 jobs) in securities industry employment in these three states. Although a much smaller increase than in 4Q’10, when the industry gained 4,300 jobs (1.7 percent) in the tri-state area, it is a significant improvement over the loss of 2,400 jobs (0.9 percent) in 1Q’10. The tri-state area represents a third of the industry’s employment nationwide, with 260,800 jobs.

Securities industry employment in New York State increased by 700 jobs (0.4 percent) in 1Q’11, driven by growth outside of NYC, which accounted for over 70 percent of the increase this quarter. NYC still accounts for 90 percent of securities industry employment in the state and gained 200 jobs in 1Q’11, a 0.1 percent improvement from 4Q’10.

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