Title Industry Employment Increases in May

Employment in the title insurance industry increased in May, according to the latest data from the U.S. Bureau of Labor Statistics (BLS).

The BLS reported that employment at direct title insurers increased by about 500 people (0.56%) to 88,900 from April to May. Meanwhile, employment at title abstract and settlement offices decreased by about 400 people (-0.67%) to 59,200. Despite the slight decrease, employment by title abstract and settlement offices is still up by about 1,300 people compared to a year ago. Law offices reported an increase of about 1,000 employees, with a portion of these attributable to title work.

Overall, the BLS reported that the U.S. insurance sector added 7,300 jobs in June, a seasonally adjusted 0.28 percent increase over May 2016. BLS indicated that insurers added 4,200 jobs in May, after initially reporting a 3,300-job increase. Compared to a year ago, insurance industry employment in June was 2,604,700, an increase of 62,500 jobs from June 2015.

How’s the staffing level at your operation? Have you had to bring in more people to handle volume?

Do you know that new overtime rules issued by the Bureau of Labor go into effect Dec. 1, 2016? Check out this webinar recording to see how this could affect your company.