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:
The up-and-down labor market continued in October as strong, broad-based employment gains reversed September’s weaker growth. Employment grew by 165,000 jobs overall and by 159,000 jobs in the private sector.
Additionally, the previous two months were revised upward by a combined 84,000 jobs, tempering the weaker employment picture of the last several reports. The three-month average of net employment gains stands at 137,000 jobs, a substantial improvement from the prior three months.
Average hourly earnings firmed somewhat in October, allaying some fears of a sustained softening wage trend. Combined with little change in average hours worked per week, average weekly wage growth has moved back up towards 4% in recent months.
The rise in job openings and the elevated quits rate in September are signs of more churn in the labor market. While this is only one month of data, a sustained pickup in labor demand could move the labor market out of the current “low hire, low fire” environment. We will have to wait and see if this change is temporary or a new trend is forming.
Big Picture: The view of the labor market has fluctuated in recent months, swinging between robust and weaker data. The overall picture of this report looks solid, but the increased volatility we have seen recently makes us want to see more sustained robust data before becoming confident in a labor market acceleration.
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