By Nick EganFinancial industry software makers, investment firms and investment banks have seen their revenues climb to record levels amid a robust economic recovery, according to a new report from the U.S. Conference of Mayors.
The annual report, released Monday, also highlights a strong rebound in the number of Americans working in financial services.
The U.K. and Canada recorded their highest growth rates in the industry in the past year.
“The financial services industry is in the middle of a major economic rebound, with the number and quality of jobs created and the amount of income generated across the industry continuing to grow,” said Mayors President Tom Daly.
“The financial industry continues to innovate, and this report shows that this is a healthy, growing sector that will remain strong for years to come.”
In May, the U, U.KS., and UK recorded the highest quarterly profits of any major financial sector, while France recorded the largest rise in its profits since the economic downturn began.
The U. S. also recorded a surge in its gross domestic product in the quarter, adding 4.3 million jobs.
In the fourth quarter, the unemployment rate dropped to 4.4%, the lowest rate since the Great Depression.
The financial sector added 2.4 million jobs in the fourth fiscal quarter, up from 1.4, according the report.
The increase in employment in financial firms has been particularly pronounced in the financial services sector.
The report highlights an important fact: In the past decade, the financial sector has become a large, growing industry.
Financial firms employ 1.6 million people in the U!
States, 1.7 million in the UK, 1 million in Canada and 1.3 in France.