The National Council on Compensation Insurance (NCCI) released its latest Labor Market Insights report, outlining labor market trends and their impact on workers’ comp.

According to the report, the labor market ended strong in 2024, with a net increase in employment of 256,000 overall, with 223,000 in the private sector. Growth sectors included healthcare, leisure and hospitality, government, wholesale trade, retail trade, and professional services. Conversely, manufacturing saw a slight decline.

Employment growth rebounded in the last four months of 2024, aligning with pre-pandemic levels and averaging growth at 190,000 jobs per month, up from 110,000 in the summer. Meanwhile, elevated wage growth drove work comp payrolls above pre-pandemic averages.

Job opening increased for the second straight month, suggesting potential labor market acceleration in early 2025.