May 2008 Index Highlights:

• Scorelogix® Finance and Insurance Job Security Index™ fell by 2.3 percent in May 2008. On a cyclical basis, this is a marginally larger decline than in the corresponding period in 2007.
• Scorelogix® Finance and Insurance Job Security Index™ has fallen in four consecutive months, starting in February 2008.
• Compared to the same month in 2007, the Scorelogix® Finance and Insurance Job Security Index™ is down by 18 points.
• All nine US Census Regions exhibited lower Finance and Insurance job security in May 2008 than in April 2008.

Summary Overview

The Scorelogix® Finance and Insurance Job Security Index™ decreased by 2.3 percent in May, marking the fourth month in a row that the Finance and Insurance job security has fallen. The decline in May also marks the ninth time in thirteen months that the sector Index has fallen. Such a decline in Finance and Insurance American jobs is due to the ongoing turmoil in the credit markets.

The reduced demand for Finance and Insurance jobs can be attributed to a weak economy, reduced consumer spending, reduced credit availability, mortgage crises, and rising unemployment rates.

The drop in the Finance and Insurance Job Security Index is 44 percent greater than the 1.6 percent decrease in the overall national Job Security Index, although the Finance and Insurance Job Security Index™ is still much higher than the National Job Security Score™ for the month. The large difference in the indices indicates that job prospects in this sector today, while worsening significantly, are still better than the average job prospect in the US.

Finance and Insurance Job security declines in all nine Census regions

All nine of the US census regions posted lower Finance and Insurance job security levels in May than in April. The regions which experienced the largest decrease in Finance and Insurance job security were the East South Central and Atlantic regions at 4.5 and 3.9 percent, respectively. The West North Central region recorded the smallest decrease in job security at 0.5 percent. 

 

Top 10 States by Finance and Insurance Job Security in May 2008

The Scorelogix® Finance and Insurance Job Security Index™ found workers in the following states to be enjoying the lowest risk of job loss (i.e. having the highest job security) in May. South Dakota now leads the nation in job security. 

Bottom 10 States by Finance and Insurance Job Security in May 2008

Workers in the following states are experiencing the greatest job-loss risk (i.e. having lowest job security). Michigan and Alaska have the lowest job security of all 50 states. 

Regional Finance and Insurance Job Security in May 2008

Regions with the smallest month-to-month decline in job security are listed below. 

About Scorelogix Score™

Job Security Score™ is a proprietary score developed by Scorelogix® that predicts an employed person’s probability of job loss, or job security level, using a patent-pending unemployment risk scoring model. It is based on employment, unemployment and economic trends and forecasts, which are continuously updated through Scorelogix’s own primary research and analysis of economic data culled from numerous online and offline sources, including a number of govt. sources such as the Bureau of Labor Statistics, U.S. Census Bureau, U.S. Dept. of Labor, etc.