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NCCI’s December Labor Market Insights Report

13 Dec, 2024 NCCI

                               

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:

  • In November, the economy saw net employment grow by 227,000 after the previous month saw significant distortions from weather and strikes.
    Averaging the two months together, employment grew by roughly 130,000 each month. This suggests that the recent trajectory of employment growth is more in line with the summer slowdown than the September surprise.
    Industry trends continued in November with outsized employment gains in health care and leisure and hospitality services. Retail trade saw employment decline by 28,000, likely reflecting fewer seasonal hires than in previous years.
  • Despite the slowing trend in employment growth, wage growth has remained firm and continues to support solid payroll growth for workers compensation.
    Strong employment and wage growth in construction, leisure and hospitality services, and health care—all higher-premium industries—suggest that the labor market remains more favorable for growth in workers compensation payroll than the headline numbers suggest.
  • Turnover has slowed materially in 2024. Hires and quits have averaged lower rates over the past 12 months than they did pre-pandemic, while layoffs remain historically low. Slower rates of turnover may lead to softer wage growth in 2025 as the competition to retain workers cools down.

Access the full report for more information: Labor-Market-Insights-Dashboard-December-2024.pdf 

Connect with our Economics Team if you have questions or want to gain additional insights.

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