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Insights
Quarterly Economics Briefing (QEB) - Q4 2023
Quarterly Economics Briefing (QEB) - Q4 2023
NCCI Page Content Two
​​InsightsEconomic & Financial
 
 
 
Stephen Cooper, Patrick Coate, and Yariv FadlonJanuary 29, 2024
 
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Page Content

How healthy is the US labor market? On the surface, the December employment report released in early January looked strong. However, there were also potential causes for concern.

This edition of the Quarterly Economics Briefing details the evolution of the labor market development in 2023 and why we remain positive about the labor market and the economy heading into 2024.

Key Themes and Takeaways

  • Employers added 2.7 million jobs in 2023, a significant slowdown from 2021 and 2022’s growth but still a good gain for a "normal" labor market.
  • Employment growth was concentrated in two private sector industry groups (education and healthcare, and leisure and hospitality) in 2023. However, this appears to reflect uneven rates of recovery from the pandemic rather than a sign of serious labor market weakness.
  • Cumulative payroll growth in workers compensation from the onset of the pandemic through 2023 has been above the pre-pandemic trend due to elevated wage growth, despite the steep 2020 recession. Wage growth will likely continue to drive workers compensation payroll growth throughout 2024.

Check out the full report to learn more, and 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.
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