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 economy added a solid 147,000 jobs in June with small upward revisions to job gains in May and April as well.
Private sector employment saw a smaller gain of 74,000 jobs in June and also saw small upward revisions to the previous two months.
Roughly half of June’s employment growth came from state and local government, specifically education. This may be the result of seasonality and the timing of the end of the school year rather than a strong increase in hiring.
In the private sector, recent trends have continued with most of the job increases coming from healthcare and leisure and hospitality services. Construction also experienced solid job growth in June. - Payroll growth slowed in June from a combination of softer private sector employment growth, softer wage growth, and a slight decline in average hours worked per week.
Despite the overall volatility in payroll growth this year, a downtrend may be emerging in average hourly earnings that we will be watching closely." - The underlying details of the labor market look solid. Job openings have been trending up over the past 3 months while layoffs remain near historically low levels.
Big Picture: Through June, the labor market has remained resilient. Hiring and employment growth have slowed but signs of meaningful deterioration remain elusive.
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Labor Market Insights report.
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