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.
This resource includes:
- An overview of the most recent jobs report from the Bureau of Labor Statistics, including employment change, average hourly earnings, payroll growth, and hiring rates
- Key insights that provide context and highlight labor market trends that could impact the workers compensation industry
- Benchmark averages for a long-term view into how the labor market continues to evolve alongside our changing workforce and our economy
Key Insights:
- The June jobs report revealed solid employment growth for the month, but that news masked a relatively weaker report overall. Private sector employment growth was more modest while revisions to previous data reduced employment growth over the previous two months by 111,000.
Over the first half of 2024, the private sector labor market told a tale of two economies. White-collar employment—information services, financial activities, and professional and business services—grew at an annualized pace of just 0.5% while all other private industry groups grew at an annualized pace of 1.9%.
Wage growth also remained solid, especially in construction and manufacturing, two important workers compensation industries.
- The unemployment rate ticked up again in June and has now risen to its highest level since 2021, though it remains historically low.
The slowdown in white-collar employment discussed above contributed to a portion of the uptick in job seekers. In addition, there has been a notable rise in prime-age labor force participation this year.
Unemployment in 2024 has also reflected a tale of two economies.
The rise in unemployment this year has come primarily from new entrants and reentrants rather than those losing and leaving jobs, another key signal that the labor market is returning to balance rather than deteriorating.
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Labor Market Insights report.
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This article is provided solely as a reference tool to be used for informational purposes only. The information in this article shall not be construed or interpreted as providing legal or any other advice. Use of this article for any purpose other than as set forth herein is strictly prohibited.