After increasing by 1,650 jobs in 1Q’11, U.S. securities industry employment expanded further, adding 4,000 positions (0.5 percent) in 2Q’11, according to the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). As of end-June, there were 811,700 people employed by the industry, the highest number since April 2009. Securities industry employment expanded at a slower rate, however, than the overall U.S. job market; U.S. nonfarm employment increased by 1.7 percent in the second quarter (on a non-seasonally adjusted basis). Employment in the securities industry remains 7.2 percent below its all-time high of 874,500 in June 2008, but has recently been showing a modest upward trend, and has rebounded 2.0 percent from the post-crisis low of 795,600 jobs in March 2010

The tri-state area (Connecticut, New Jersey, and New York), which accounts for one third of, or 262,700, securities industry positions nationwide, accounted for half of the jobs created in U.S. securities industry in 2Q’11. The second quarter’s increase of 2,000 jobs (0.8 percent) was larger than the 800 jobs (0.3 percent) growth in 1Q’11, but well below the increase of 5,400 jobs (2.2 percent) in the same year-earlier period.

Securities industry employment in New York State increased by 2,000 jobs (1.1 percent) in 2Q’11, driven solely by growth outside of NYC. While securities industry employment expanded in NYS, NYC lost 900 positions, or 0.5 percent, in the second quarter. With the employment in NYC falling to 168,100 end-June, the city now accounts for 88.1 percent of the NYS employment, down from 89.5 percent end-March.

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