Boca Raton, FL – NCCI recently released its Quarterly Economics Briefing report for the first quarter of 2023, which addresses critical issues impacting the US labor market.
How strong is the US labor market? Three major themes characterize its current status:
- The labor market started cooling off in the past year, especially in the past several months
- Despite this cooling, the labor market is still very favorable to workers by historical standards
- Labor market cooling is not evenly distributed across economic sectors
The briefing examines how these themes arise across labor market indicators, particularly measures of employment growth, wage growth, and hiring rates. By all measures, recent months show signs of significant cooling from the rapid pandemic recovery in 2021 and early 2022 but favorable to workers compared to pre-pandemic averages. Individual sectors may show different patterns than those observed economy-wide, especially in-person service sectors that are still adding a lot of jobs.
NCCI then discusses implications for workers compensation, focusing on change in payroll growth and in the share of short-tenured workers.
Read the free report: NCCI: Q1 2023 Quarterly Economics Briefing
Source: NCCI