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.
Key highlights from this edition include that strong employment growth in February and March, plus declining coronavirus case rates and increasing vaccinations, point to accelerating economic recovery. The March national employment gap was down to -5.4% relative to seasonally expected employment levels. Lost jobs remain concentrated in service sectors, especially Leisure and Hospitality, while Construction and Manufacturing are recovering strongly, but face material shortages, etc. NCCI also notes that job losses from a new COVID surge, if it develops, may be modest and lower than the two previous surges in spring and summer 2020.