NCCI Labor Market Survey Report – Positive News After Weeks of Bad News

The NCCI Labor Market Survey Report – (picture below) showed that the US may be turning the corner in at least one part of our beleaguered economy. After so many weeks of negative news including the two very recent hurricanes, a positive point in the economy occurred last quarter. The full report consists of just one slide – a very short report for a rating bureau. (joking)
I covered the NCCI Labor Market Insights Survey before when I attended the 2024 NCCI AIS.
I recommend downloading a more readable copy of the report by using this link. The report is a one-page PDF download.
Who would have thought the labor market has increased recently?
The main points of the report and big picture provided by NCCI are:
- September’s headline gains of 254,000 jobs – great news!
- The fastest-growing sectors are healthcare, leisure and hospitality, and construction
- The unemployment rate has declined for a second consecutive month while job openings increased in August after several months of decline.
Big picture: The September employment report was a welcome change after several months of weaker data; however, we caution overreacting to any single data print. More information will be needed to assure us that this was not a one-off report and that trends are indeed changing sustainably.
* also referred to as the Labor Market Insights Report.
