US Financial Industry Payrolls Fall for Fifth Straight Month

US financial industry employment dropped by 14,000 in July to 9.09 million, the lowest level since July 2022. The sector has now posted five consecutive monthly declines totaling 59,000 job losses.

Since May 2025, financial industry payrolls have fallen by 121,000, marking the largest drawdown since the 2020 pandemic. Excluding the pandemic period, it is the biggest employment contraction in the sector since the 2008 financial crisis.

The weakness comes as financial firms step up AI adoption to boost productivity and reduce labor costs, reshaping employment trends across the industry.