March 19, 2018

WorkCompRecap: It’s The Economy!

Today’s issue of WorkCompRecap features the release of a new edition of NCCI’s Quarterly Economics Briefing, which examines the current state of the economy and the implications for workers’ comp insurance. This edition also reviews changes in the US labor market, with emphasis on drivers of employment and wage growth across states and regions during 2015 and 2016.

Key findings from this edition included that after posting the fastest growth since the recession during 2015, private employment growth is projected to slow in 2016 and 2017. Average weekly wages are forecast to increase by 2.2% in 2016, accelerating to a 4.2% rate in 2017, which would be the fastest rate of wage increase since the Great Recession. NCCI also noted that Large Service sectors are the primary drivers of overall growth in most states, while manufacturing is not a primary driver, but makes small contributions (both positive and negative) to overall growth in some states.

Find out more (including a link to the free brief!) by clicking here!

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