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NCCI’s Quarterly Economics Briefing – Q2 2023

25 Jul, 2023 NCCI

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WHAT:

NCCI just released the Quarterly Economics Briefing (QEB) - Q2 2023.  In this briefing, we examine economic indicators to assess the likelihood and shape of a potential recession.

WHAT WE KNOW:

The US labor market remains strong. Employment growth averaged about 200,000 jobs per month in April through June while wage growth remained high.

WHAT ELSE:

Current economic indicators do not suggest an imminent recession or major slowdown. However, drawdowns of households’ excess savings are likely to contribute to slowing economic growth by the end of 2023.

HOW MIGHT WORKERS COMPENSATION BE IMPACTED?

Types of businesses impactful to workers compensation, including those in construction and manufacturing industries and many small businesses, are likely to be among those most affected by an economic slowdown or recession.

WHY THIS MATTERS:

Anxiety persists about the possibility of a looming recession despite a strong US labor market. This report will address two key questions:

  • What are likely drivers of a potential recession?
  • Do we see evidence of these in the economy to date?

WHO: NCCI Economists, Patrick Coate, PhD, and Yariv Fadlon

ACCESS THE FULL REPORT: Quarterly Economics Briefing (QEB) - Q2 2023

REGISTER NOW: Check out NCCI’s upcoming free webinar on the QEB featuring author, Patrick Coate, and Executive Director of Affiliate Services, Damian England. The event is open to all - register by clicking here.

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