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Financial Activities

About the Financial Activities supersector

The financial activities supersector is part of the service-providing industries supersector group.

The financial activities supersector consists of these sectors:

Workforce Statistics

This section provides information relating to employment and unemployment in financial activities. While most data are obtained from employer or establishment surveys, information on industry unemployment comes from a national survey of households. The following tables present an overview of the industry including the number of jobs, the unemployment rate of those previously employed in the industry, job openings and labor turnover, union membership and representation, gross job gains and losses, and projections of occupational employment change.

Employment, Unemployment, and Openings, Hires, and Separations

Data series Back
data
Jan.
2024
Feb.
2024
Mar.
2024
Apr.
2024

Employment (in thousands)

Employment, all employees (seasonally adjusted)

9,229 9,222 (p)9,227 (p)9,233

Employment, production and nonsupervisory employees (seasonally adjusted)

6,948 6,957 (p)6,965 (p)6,967

Unemployment

Unemployment rate

       

Job openings, hires, and separations (in thousands)

Job openings

595 611 448 (p)533

Hires

232 165 157 (p)237

Separations

243 163 150 (p)217

Footnotes
(p) Preliminary

(Source: Current Employment Statistics, Current Population Survey, Job Openings and Labor Turnover Survey)

Union Membership and Representation

Data series Back
data
2019 2020 2021 2022

Union membership and representation

Members of unions (percent of wage and salary workers)

1.9% 1.9% 2.3% 1.8%

Represented by unions (percent of wage and salary workers)

2.5% 2.7% 3.1% 2.5%

(Source: Current Population Survey)

Dynamic Changes in Employment

Data series Back
data
4th quarter
2022
1st quarter
2023
2nd quarter
2023
3rd quarter
2023

Dynamic changes in employment (in thousands)

Gross job gains

451 410 448 386

Gross job losses

473 401 413 415

(Source: Business Employment Dynamics)

Projections

For projected (future) employment estimates in financial activities, see the Employment and projected employment by major industry sector table.

(Source: Office of Occupational Statistics and Employment Projections)

Earnings and Hours

This section presents data on employee earnings and weekly hours. The latest industry averages of hourly earnings and weekly hours, as well as weekly earnings by union membership status, are shown. This section also contains information on recent rates of change in wages and total compensation.

Earnings and Hours of All Employees

Data series Back
data
Jan.
2024
Feb.
2024
Mar.
2024
Apr.
2024

Average hourly earnings

$44.78 $44.95 (p)$45.14 (p)$45.30

Average weekly hours

37.3 37.5 (p)37.5 (p)37.5

Footnotes
(p) Preliminary

(Source: Current Employment Statistics)

Earnings and Hours of Production and Nonsupervisory Employees

Data series Back
data
Jan.
2024
Feb.
2024
Mar.
2024
Apr.
2024

Average hourly earnings

$35.03 $35.26 (p)$35.41 (p)$35.46

Average weekly hours

36.8 36.9 (p)36.9 (p)37.0

Footnotes
(p) Preliminary

(Source: Current Employment Statistics)

Employee Benefits

This section presents data on the incidence (the percentage of workers with access to and participation in employer-provided benefit plans) and provisions of selected employee benefits from the National Compensation Survey. More Benefits estimates are also accessible from the Benefits database, the archived NCS publications page, and the complete Employee Benefits Excel dataset (XLSX).

Data series Access Participation
Back
data
2023 Back
data
2023

Private industry

Retirement benefit plans

87 78

Defined benefit plans

33 19

Defined contribution plans

87 76

(Source: Employee Benefits in the United States)

Data series After 1 year of service After 20 years of service
Back
data
2023 Back
data
2023

Mean number of vacation days for private industry workers without consolidated leave plans

12 19

(Source: Employee Benefits in the United States)

Data series Back
data
2023

Percent of private industry workers with access to employer-sponsored benefits

Health care

89

Paid vacation

96

Paid sick leave

96

(Source: Employee Benefits in the United States)

Employer Compensation Costs

Data series Back
data
4th quarter
2022
1st quarter
2023
2nd quarter
2023
3rd quarter
2023

Private industry

12-month percent change

Total compensation

5.3% 4.4% 3.5% 4.1%

Wages and salaries

5.0% 3.9% 3.4% 4.3%

3-month percent change

Total compensation

0.6% 0.8% 1.8% 0.8%

Wages and salaries

0.7% 0.3% 2.2% 1.1%

(Source: Compensation Cost Trends)

Data series Private industry
Compensation component
($ per hour worked)
Percent of total compensation
Back
data
3rd quarter 2023 Back
data
3rd quarter 2023

Total compensation

58.01 100.0

Wages and salaries

38.67 66.7

Total benefits

19.34 33.3

Insurance

4.88 8.4

Retirement

2.04 3.5

Paid leave

5.21 9.0

(Source: Compensation Cost Trends)

Union Membership and Representation

Data series Back
data
Median weekly earnings
2019 2020 2021 2022

Union membership and representation

Full-time workers

$1,125 $1,187 $1,233 $1,326

Members of unions

$950 $1,012 $1,017 $1,337

Represented by unions

$980 $1,112 $1,019 $1,271

Nonunion

$1,128 $1,194 $1,239 $1,327

(Source: Current Population Survey)

Work-related Fatalities, Injuries, and Illnesses

This section presents data for the industry on the number of workplace fatalities and the rates of workplace injuries and illnesses per 100 full-time workers in financial activities. An injury or illness is considered to be work-related if an event or exposure in the work environment either caused or contributed to the resulting condition or significantly aggravated a pre-existing condition.

Data series 2018 2019 2020 2021

Fatalities

Number of fatalities

108 111 95 97

Blank cells indicate no data reported or data that do not meet publication criteria.

Data series 2020

Rate of injury and illness cases per 100 full-time workers

Total recordable cases

0.8

Cases involving days away from work, job restriction, or transfer

0.4

Cases involving days away from work

0.3

Cases involving days of job transfer or restriction

0.1

Blank cells indicate no data reported or data that do not meet publication criteria.

(Source: Injuries, Illnesses, and Fatalities)

Workplace Trends

This section presents data on the number of establishments and the number of establishments experiencing job gains or job losses in financial activities.

Establishments

Data series Back
data
4th quarter
2022
1st quarter
2023
2nd quarter
2023
3rd quarter
2023

Number of establishments

Private industry

1,051,281 (p)1,055,380 (p)1,064,372  

Local government

1,904 (p)1,905 (p)1,902  

State government

142 (p)149 (p)154  

Federal government

813 (p)816 (p)824  

Establishments with changes in employment (in thousands)

With job gains (seasonally adjusted)

178 165 164 157

With job losses (seasonally adjusted)

173 169 165 165

Footnotes
(p) Preliminary

(Source: Business Employment Dynamics, Quarterly Census of Employment and Wages)

 

Data extracted on: June 21, 2024