The
Labor Market Insights report provides a monthly overview of key labor market statistics.
As the changing workforce and economic conditions continue to be top of mind for workers compensation executives, this valuable resource delivers timely perspectives on what the latest jobs reports mean for the industry. The
data and insights shared in this monthly publication are designed to provide just-in-time information to help industry leaders make informed decisions.
Key Insights:
- Job growth remained solid in May, with overall employment growing by 139,000 and private sector employment growing by 140,000.
This growth in May was offset by downward revisions of 65,000 jobs for March and 30,000 for April. While the trend of employment growth for the first five months of 2025 is now lower than before, it remains near the level needed to keep the unemployment rate from rising.
At an industry level, employment growth remained concentrated in health care and leisure and hospitality services, while all other industries showed little gain.
Of note, manufacturing saw a decline of 8,000 jobs, which may be an early indication of some pressure on the industry from trade policy. - Despite slowing employment growth, hourly wage growth and hours worked have remained steady.
Wage growth has been more broad-based across industries than employment, supporting payroll growth for workers compensation.
Big Picture: Through May, there remains little sign of deterioration in the labor market.
Since the Great Reshuffle several years ago, the labor market appears to have settled into a state of slower growth with little turnover. Those searching for jobs may be experiencing a much more challenging labor market than those who already have a job and are seeing strong wage growth.
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Labor Market Insights report.
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