New State of the Line Podcast Section – NCCI Labor Market Insights October 2024
Thanks to Madison White and Cristine Pike for alerting me to the new NCCI State of the Line Podcast Section. The NCCI Labor Market Insights Podcast and Report are worth a read.
The two links to access the podcast page and the accompanying dashboard chart can be found:
I tried to copy the Dashboard Page and paste it here, but it did not come out that well. I could not fit the PDF file into this page. The first link above contains the PDF file. Downloading the PDF will be worth your time.
Stephen Cooper, NCCI Senior Economist appeared in some of our 2024 articles including prior NCCI Labor Market Insights. Check them out –
Two of the terms that I learned from Cooper were Vibecession and WCWMI. Check out the above 2024 NCCI AIS link to see for the definition of each term.
October Temporary Weakness – Why Temporary?
A few highlights of the NCCI Labor Market Insights and Podcast were:
- While the BLS (Bureau of Labor and Statistics) was not able to quantify the impact from major hurricanes, October saw 512,000 people who were employed but not at work due to weather and 1.4 million workers who usually work full-time but could only work part-time due to weather.
- The unemployment rate in October remained unchanged from September at 4.1%.
- The BLS produces a JOLTS report a few days before it releases the employment figures – JOLTS acronym = Job Openings and Labor Turnover Survey. The JOLTS report represents another layer of employment data.
The BLS surveys more than 20,000 businesses and government offices to estimate the numbers of U.S. job vacancies, hires, and separations included in the monthly jobs report. The job separations numbers are subdivided into three categories: total separations, quits, and layoffs and discharges; and other separations, which include deaths and retirements.
According to Cooper in the NCCI Labor Market Insights Report and podcast, the number of surveys returned were lower than usual.
