BLS Says Recordable Injury and Illness Rates Set Record
Earlier this week, the BLS (Bureau of Labor Statistics) published its Annual Recordable Injury and Illness Rates report. As somewhat expected, the rates declined again for 2024. Go here to see the BLS webpage.
The snapshot of the graph below shows that the recordable Injury and Illness rates decreased again. One important point was mentioned indirectly by the BLS. It only started recording these stats in 2003. In other words, the streak could have been longer than 20 years.
The BLS experienced problems with data collection and reporting in the recent past. However, I think these numbers appear to be solid figures. I, and other Workers Comp organizations, have used BLS’s figures for years. See the past articles written by me with the BLS as a reference here.
The unknown answer to the why(?) question remains a total mystery, or does it?
Could the recordable injury and illness rates be attributed to another factor, such as improving risk management techniques? Could the rates not directly correspond to workers comp recordable injury and illness rates? These are two unignorable factors, but does not really answer the question at hand.
I always tend to look at 20-year business cycles when covering any WC statistics. The trend has been pointing downward for more than two decades. The numbers are the numbers, so to speak. They are not going to experience any revisions.
I will report back to these figures when I attend the May NCCI conference in Orlando. One has to wonder if NCCI’s economists or actuaries possess an explanation for these very favorable figures. Be it increased safety and risk management or another factor, workers seem to be operating in a safer work environment trend. I will always take any positive information!
