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Unemployment, workers compensate premium for recovering "slowly": NCCI



U.S. Employment – and related total benefits to workers – is likely to recover more slowly this year than in the summer and autumn of 2020, according to an economic outlook report issued on Wednesday by the National Council on Compensation Insurance.

U.S. employment recovered every month from April to November 2020, but the recovery rate slowed to almost zero during the fourth quarter, according to the report, which noted that the total number of unemployed increased modestly from November to December.

At the end of 2020, four out of five job losses were concentrated in service sectors, characterized by high physical proximity and low necessity, and two out of five job losses were in leisure and hospitality, according to the report.

Risks in 2021

include an increasing proportion of permanent redundancies, financial distress among low-wage earners and small businesses and a massive virus rise, the report says.

The economy after COVID-19 is likely to see changes in employment across industries, with an intensification of existing trends towards digitization, automation, contracting and teleworking, according to the report. Catalog

Catalog


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