The National Council on Compensation Insurance (NCCI) released its latest Labor Market Insights report, offering a snapshot of current employment trends and their potential impact on workers’ compensation.

By highlighting workforce and economic trends, reports like these help stakeholders to understand how operational planning, pricing strategies, and risk management may be influenced in the near future.

Key highlights from the report include:

• Job growth slowed to 22,000 in August, with downward revisions to June and July erasing 21,000 jobs on net
• Healthcare (+47K) and hospitality (+28K) were the strongest sectors
• Construction employment declined for the third straight month, reversing nearly half of its year-to-date gains
• Manufacturing employment fell for the fourth consecutive month and is down in 9 of the last 12 months, with a 78,000-job loss year over year
• Unemployment rose again, driven by increased labor force participation and slower hiring
• Youth unemployment (ages 16–24) hit 10.5%, compared to 3.6% for prime-age workers (25–54)

While the labor market continues to show signs of strain, NCCI remains cautiously optimistic. They note that it is still too early to declare a recession, and current trend may be temporary, influenced by broader economic uncertainty.