Today’s issue of WorkCompRecap features NCCI’s release of its Quarterly Economics Briefing report for the first quarter of 2023, which examines crucial factors affecting the US labor market, highlighting three significant themes: the labor market cooling off in the past year, the current labor market still being highly favorable to workers in a historical context, and the uneven distribution of labor market cooling across economic sectors.
The briefing further explores those themes through various labor market indicators, including employment growth, wage growth, and hiring rates, and points out the disparities between individual sectors, with in-person service sectors still experiencing substantial job growth. The report also explores the implications of these trends for workers’ compensation, focusing on the changes in payroll growth and the share of short-tenured workers.