All sectors of the US economy experienced steady job growth during the second quarter, but the pace of national employment recovery did not noticeably accelerate with the distribution of new vaccines. Competition for workers is starting to push up wages, most strongly in leisure and hospitality businesses that suffered the biggest COVID-related job losses. While economic recovery through July has been undeterred by the new Delta variant, we find that the dynamics of labor market re-adjustment—relationships between the rate of employment recovery, earnings growth, and the imbalance between job openings and unemployment—differ markedly across industries.
Read the full
Quarterly Economics Briefing Q2 2021 for an in-depth look at the economy and how it is impacting workers compensation.
To learn more about employment recovery, wage growth, and labor shortages, be sure to check out our August 19
Virtual Carrier Education Series: Inside NCCI’s Latest QEB.
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