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 robust 172,000 jobs in May, and upward revisions added 93,000 jobs to the previous two months. The three-month average of employment growth stood at 188,000 jobs added per month—the highest rate since early 2024 and close to the pre-pandemic average.
At the sector level, the breadth of employment growth widened somewhat as construction, leisure and hospitality, and local government saw strong gains and health care continued to grow. The financial activities sector, which includes the insurance industry, saw continued declines in employment, while other sectors were little changed.
Robust growth in new employees has likely put downward pressure on average hourly earnings; however, wage growth remains solid. When combined with strong employment gains, this has kept payroll growth elevated. If recent employment and wage trends continue, payroll growth would be expected to accelerate through the end of the year.
Big Picture: The key labor market question in 2025 was whether the data showed stabilization or deterioration. In early 2026, the question appears to be shifting to whether the data shows stabilization or acceleration.
Click the image to access the
Labor Market Insights report.
Connect with our
Economics Team if you have questions or want to gain additional insights.
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.