NCCI releases Q4 2023 Quarterly Economics Briefing

29 Jan, 2024 NCCI

                               

WHAT:This edition of the Quarterly Economics Briefing details the evolution of the labor market development in 2023 and why we remain positive about the labor market and the economy heading into 2024. 

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

KEY INSIGHTS: 

  • Employers added 2.7 million jobs in 2023, a significant slowdown from 2021 and 2022’s growth but still a good gain for a "normal" labor market. 
  • Employment growth was concentrated in two private sector industry groups (education and healthcare, and leisure and hospitality) in 2023. However, this appears to reflect uneven rates of recovery from the pandemic rather than a sign of serious labor market weakness. 
  • Cumulative payroll growth in workers compensation from the onset of the pandemic through 2023 has been above the pre-pandemic trend due to elevated wage growth, despite the steep 2020 recession. Wage growth will likely continue to drive workers compensation payroll growth throughout 2024. 

ACCESS THE FULL REPORT:NCCI’s Quarterly Economics Briefing - Q4 2023


  • AI california case management case management focus claims cms compensability compliance courts covid do you know the rule exclusive remedy florida glossary check Healthcare health care iowa leadership medical medicare minnesota NCCI new jersey new york ohio opioids osha pennsylvania Safety state info technology tennessee texas violence virginia WDYT west virginia what do you think women's history month workcompcollege workers' comp 101 workers' recovery workers' compensation contact information Workplace Safety Workplace Violence


  • Read Also

    About The Author

    • NCCI

    Read More

    Request a Demo

    To request a free demo of one of our products, please fill in this form. Our sales team will get back to you shortly.