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NCCI’s Labor Market Insights

11 Feb, 2025 NCCI

INSIGHTS NCCI Logo
                               

Key Insights:

  • January saw solid employment growth of 143,000 jobs overall and 111,000 in the private sector. Most of January’s private employment growth was in the health care, social assistance, and retail trade sectors.
    While the inclusion of the annual benchmark revisions reduced employment growth in the first half of 2024 from what was previously reported, November and December each saw upward revisions of about 50,000 jobs. So 2024 ended on an even stronger note than originally thought.
    Year-over-year payroll growth remained around 5% as January saw high monthly wage growth partially offset by a slight tick down in average weekly hours.
  • The unemployment rate ticked down to 4.0% in January, another sign of continued strength in the labor market. Excluding the annual population control adjustments instituted each January, the unemployment level decreased by 142,000 jobs over the month.
  • Job openings declined in December after the prior months’ spike but remain strong. Labor turnover metrics remain low, reflecting a stable labor market with limited movement—a stark contrast to the volatility seen during the pandemic.

P.S., don't forget to register now for our next Virtual Carrier Education Series: 2024 in Rewind: The Economic and Labor Market Landscape. Join us on Feb 20 at 2 pm EST! [link.mediaoutreach.meltwater.com]

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