The
Labor Market Insights report provides a monthly overview of key labor market statistics.
As the changing workforce and economic conditions continue to be top of mind for workers compensation executives, this valuable resource delivers timely perspectives on what the latest jobs reports mean for the industry. The
data and insights shared in this monthly publication are designed to provide just-in-time information to help industry leaders make informed decisions.
This resource includes:
- An overview of the most recent jobs report from the Bureau of Labor Statistics, including employment change, average hourly earnings, payroll growth, and hiring rates
- Key insights that provide context and highlight labor market trends that could impact the workers compensation industry
- Benchmark averages for a long-term view into how the labor market continues to evolve alongside our changing workforce and our economy
Key Insights:
- After a string of blockbuster payroll reports, April’s net employment growth came in at a solid 175,000 jobs overall, with 167,000 jobs added in the private sector.
As the labor market continues to normalize, we expect to see job numbers come in near this level more frequently as this level is more in line with the pre-pandemic trend.
At the industry level, health care and social assistance was a leader in April, accounting for just over 50% of private sector employment gains. All in all, 10 out of 13 industry groups saw employment gains, with mining and logging, information services, and professional and business services each seeing small declines. - Overall, payroll grew 5.6% over the past 12 months, a solid pace despite some softening in both employment and wage growth.
- Wage growth may continue to slow as we have seen hiring and quits rates fully reverse their Great Reshuffle increases. Overall, labor market turnover is now lower than prepandemic levels, and the layoffs rate remains near record lows.
- Bottom line: April’s employment situation looked normal. While it may be disappointing relative to the strong reports we have seen over the past few years, we expect to see more labor reports that look like this as we go forward
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Labor Market Insights report.
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This article is provided solely as a reference tool to be used for informational purposes only. The information in this article shall not be construed or interpreted as providing legal or any other advice. Use of this article for any purpose other than as set forth herein is strictly prohibited.