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 focuses on automation, including some historical context and explanation as to why future automation has the potential to change labor markets more dramatically than in the past.
Key findings included that the slowdown in employment growth is a consequence of labor market tightness, as the US unemployment rate has recently reached historically low levels below 4.5%. and accelerated wage growth is a likely consequence. Automation insights included that unlike in the 20th century, where automation mostly impacted routine tasks, it is now s expanding to nonroutine tasks and impacting all economic sectors. NCCI also cites two studies that found that that about half of jobs or tasks in the overall US economy can be automated using current technology, though the actual adoption rates remain uncertain.
Find out more (including a link to the free brief!) by clicking here!