NCCI’s new Quarterly Economics Briefing & LMI

WHAT: NCCI releases 2 new reports: Quarterly Economics Briefing – Q1 2024 [link.mediaoutreach.meltwater.com] and the latest edition of Labor Market Insights [link.mediaoutreach.meltwater.com]  [link.mediaoutreach.meltwater.com]

WHO: The report is authored by Executive Director & Senior Economist Stephen Cooper, and Economists Patrick Coate and Yariv Fadlon 

KEY INSIGHTS: 

• The Federal Reserve’s most recent economic forecasts predict a year of solid growth, a continued strong labor market, and stubborn inflation. 
• Despite the strong economy, the Fed may still opt to lower interest rates slowly over time. 
• The economy has momentum, but uncertainty remains high and realistic scenarios for the year remain broad. Diverse outcomes for the economy will likely have varied impacts on workers compensation. 

WHY IT MATTERS:  

In this report, we look at the Fed’s forecast for the economy in 2024 as well as three alternative scenarios. These four potential outcomes do not in any way represent the full spectrum of possible outcomes for the economy but highlight how broad the range of possible outcomes is. These scenarios also highlight the challenge that policymakers at the Fed face as they assess the appropriate level of interest rates without knowing which way the economy could be moving. 

Additionally, the economy’s impact on frequency trends could intensify or diminish. As incoming data throughout the year sheds light on how things are evolving, we will be analyzing each facet to determine the implications for workers compensation. 

WHAT’S NEXT: NCCI’s Annual Insights Symposium 2024 [link.mediaoutreach.meltwater.com] will feature QEB author, Stephen Cooper. Stephen will provide an in-depth perspective on recent economic developments and their impact on workers comp.  

ACCESS THE FULL REPORT: LINK [link.mediaoutreach.meltwater.com]

Access the latest Labor Market Insights [link.mediaoutreach.meltwater.com] for a monthly overview of key labor market statistics and what it means for workers compensation.  

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