NCCI’s October Labor Market Insights Report

The Labor Market Insights report provides a comprehensive monthly overview of key labor market statistics through a workers compensation lens. This valuable resource offers detailed analysis on drivers of premium and frequency, alongside NCCI’s perspectives on the latest jobs report's implications for the industry.

Key Insights:

• After several months of reports on the weaker side, September saw blockbuster job gains and included significant upward revisions to previous months. September’s headline gains of 254,000 jobs were joined by an increase of 72,000 jobs over the previous two months, washing away much of the weakness we reported on in the previous two Labor Market Insights.
  Industry trends remained similar to the rest of the year with health care, leisure and hospitality services, and construction accounting for the bulk of private sector employment gains in September.
  The rebound in employment growth combined with still-firm wage growth has kept payroll growth steady over the past several months.
• The details of the employment situation have improved as well. The unemployment rate has declined for a second consecutive month while job openings increased in August after several months of decline.
  Should the September reversals of job openings and unemployment turn into a sustained trend, the labor market may be reaccelerating after the summer slowdown. We will be watching future data closely to assess how trends are developing.

Big picture: The September employment report was a welcome change after several months of weaker data; however, we caution overreacting to any single data print. More information will be needed to assure us that this was not a one-off report and that trends are indeed changing sustainably.

See the full report: click here 

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