Magnifying Glass
INSIGHTS NCCI Logo
Back to Expert Analysis

NCCI releases the Q3 2023 Quarterly Economics Briefing

27 Oct, 2023 NCCI

INSIGHTS NCCI Logo
                               

WHAT: NCCI’s Quarterly Economics Briefing for Q3 2023 analyzes the state of the labor market and provides insights into the industry’s key question ­- is the labor market moving softly into balance or are we seeing early signs of deterioration toward recessionary conditions? In this Quarterly Economics Briefing (QEB), we will build off last quarter’s analysis of the consumer to help answer that key question. Based on the evolution of the data and the state of household finances broadly across the economy, we continue to see the economy moving toward balance rather than a recession, despite elevated risks.

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

KEY INSIGHTS:

  • The labor market remains robust, characterized by an average of 266,000 net new jobs added over the past three months and strong annual wage growth of 4.2%, supporting premium growth in workers compensation.
  • Labor market statistics continue to improve with rising participation and more normalized turnover, taking some pressure off the economic drivers of workers compensation frequency.
  • The probability of a recession has diminished over the past quarter as consumer spending remains supported by strong employment levels, real income growth, further capacity for debt, and still-elevated excess savings.

ACCESS THE FULL REPORT: NCCI’s Quarterly Economics Briefing - Q3 2023

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

    • Read Also

    The Most Common Workers’ Compensation Injuries

    By: Tanisha Dilbert, Manager, Operations, Apricus In workers’ compensation staying well-informed about the most common and costly injuries is crucial to navigating the complexities of cases. This knowledge provides claims professionals with a thorough understanding […]
    Subrogation Savoir-Faire: What You Don’t Know Can Hurt You

    By Gary L. Wickert, Matthiesen, Wickert & Lehrer, S.C. Oh, that it wasn’t so, but today’s world of insurance claims adjusting, subrogation, and civil litigation rewards the ability of one party to take advantage of […]
    NCCI’s Court Case Update – Idaho, Iowa, and New Mexico – April 2024

    Idaho, Medical Benefit Payments On April 2, 2024, the Supreme Court of Idaho, in Thompson v. Burley Inn, Inc., held that an employer/workers compensation insurer (E/C) was required to reimburse an employee’s medical expenses for the […]

    About The Author

    • NCCI

    More by This Author

    NCCI’s Workplace Safety Technology pt. 3 article out now

    WHAT: NCCI’s latest report – The Future of Workplace Safety Technology Is Now Part Three – The Employer Perspective (ncci.com) [link.mediaoutreach.meltwater.com] For this third and final installment, NCCI interviewed three employers that have adopted innovative safety technology including wearables and video AI/Computer […]
    NCCI’s latest report: Understanding Loss Cost Actions

    WHAT: The article describes factors that impact loss cost changes and provides a deeper dive into the relatively larger decreases observed in recent years.  WHO: Nadege Bernard, FCAS, NCCI Practice Leader and Senior Actuary  KEY INSIGHTS:  WHY […]
    Economic Insights From a Workers Comp Perspective at AIS 2024

     ​​State of the Economy and Impact on Workers Compensation is just one of the sessions that the National Council on Compensation Insurance (NCCI) will feature at its Annual Insights Symposium (AIS) 2024, May 13–15 in Orlando, […]

    Read More

    The Most Common Workers’ Compensation Injuries

    By: Tanisha Dilbert, Manager, Operations, Apricus In workers’ compensation staying well-informed about the most common and costly injuries is crucial to navigating the complexities of cases. This knowledge provides claims professionals with a thorough understanding […]
    Subrogation Savoir-Faire: What You Don’t Know Can Hurt You

    By Gary L. Wickert, Matthiesen, Wickert & Lehrer, S.C. Oh, that it wasn’t so, but today’s world of insurance claims adjusting, subrogation, and civil litigation rewards the ability of one party to take advantage of […]
    NCCI’s Court Case Update – Idaho, Iowa, and New Mexico – April 2024

    Idaho, Medical Benefit Payments On April 2, 2024, the Supreme Court of Idaho, in Thompson v. Burley Inn, Inc., held that an employer/workers compensation insurer (E/C) was required to reimburse an employee’s medical expenses for the […]
    Genetic Testing and Risk Assessments for Opioid Use Disorder (OUD)

    By: Spencer Sherman, Pharm.D., Clinical Pharmacist, Enlyte Pharmacy Solutions On December 19, 2023, the U.S. Food and Drug Administration (FDA) approved the first test (AvertD) that uses DNA in assessing whether certain individuals may have an elevated […]
    NCCI Court Case Update: Maryland and North Carolina

    Maryland, Attorney Fees On January 31, 2024, the Appellate Court of Maryland, In the Matter of Zukowski, held as a matter of first impression that a workers compensation (WC) attorney fees lien attaches to a claimant’s WC benefits […]
    The Influence of Wage on Temporary Disability Duration

    What: The Influence of Wage on Temporary Disability Duration—A Modeled View  Discover: Typically, older workers earn more than younger ones on average. Also, an older injured worker may take longer to heal. The question of whether or […]

    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.