How strong is the US labor market? Three major themes characterize its current status.
- The labor market started cooling off in the past year, especially in the past several months
- Despite this cooling, the labor market is still very favorable to workers by historical standards
- Labor market cooling is not evenly distributed across economic sectors
In this briefing, we examine how these themes arise across labor market indicators, particularly measures of employment growth, wage growth, and hiring rates. We then discuss implications for workers compensation, focusing on change in payroll growth and in the share of short-tenured workers.
Stay tuned for more exclusive economic insights from NCCI during our
Annual Insights Symposium (AIS) 2023. Speaker videos and their presentation slides will be available on
ncci.com/AIS in mid-May.
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