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 included that January’s jobs report shows US employment approaching pre-COVID levels despite the Omicron wave, and with most sectors now near or even above pre-pandemic employment levels, low national unemployment rates point to an economy approaching full employment, despite the national job total for January being 2 million below the comparable pre-pandemic level. NCCI also noted that job losses are now concentrated in just two major sectors: Leisure and Hospitality, and Education and Health Services. With the new issue, NCCI’s focus shifts from post-COVID economic recovery to the emerging new economic normal, with the Great Reshuffle and its implications for workers’ compensation. For instance, shortened average job tenure due to workers moving into new jobs, occupations and industries tends to increase injury frequency and may also affect injury severity.