U.S. securities industry employment declined by 5,200 positions in 3Q’11, according to the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). As of end-September, there were 807,200 people employed by the industry, a 0.6 percent decline from 2Q’11 but a 0.5 percent increase year-over-year (y-o-y). Employment in the securities industry remains 7.7 percent below its all-time high of 874,500 in June 2008, but has rebounded 1.5 percent from the post-crisis low of 795,600 jobs in March 2010.

After gaining 2,100 securities industry jobs in 2Q’11, the tri-state area (Connecticut, New Jersey, and New York) lost 1,700 jobs in 3Q’11. The securities industry employed 261,100 people in tri-state area at the end of September, 0.6 percent fewer than in 2Q’11 but 2.2 percent (5,500 jobs) more than in 3Q’10. The decline in securities industry employment in the tri-state area in the third quarter was solely in New Jersey, which lost all 1,700 tri-state area jobs, while employment in Connecticut and New York stayed flat. The tri-state area accounts for 32.3 percent of securities industry positions nationwide, flat from the previous quarter but up from 31.8 percent in September 2010.

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