Robust jobs growth continues in health care
REAL ECONOMY BLOG | May 03, 2024
Authored by RSM US LLP
Despite recent headlines highlighting cybersecurity challenges and the departure of major retailers from specific health care segments, the industry continues to demonstrate robust jobs growth. Health care jobs gains remain strong, according to the U.S. monthly report on April numbers, with a three-month average of 65,000 positions added, pushing the 2024 overall total to 256,000 positions added.
Unsurprisingly, health care remains a leading indicator for the broader jobs market. The unwavering demand for health care services translates to historically low unemployment within the sector, currently at 2.1%. This positive trend is expected to continue throughout 2024.
Key sector gains
Ambulatory services led sector gains:
- A key driver of jobs growth is the ambulatory services sector, which added an impressive 33,000 jobs in April, pushing its quarterly average to 32,000.
- This trend aligns with growing demand for convenient health care offerings tailored to meet evolving consumer preferences.
Home health maintains steady growth:
- The home health sector added a steady 14,000 jobs in April, matching its quarterly average.
- While this represents a slight dip from the previous quarter’s 16,000 average, it remains a healthy indicator for a sector receiving significant investment as care delivery models shift toward aging-in-place options and technology-enabled care access.
Looking ahead
We anticipate further acceleration in jobs creation by the third quarter this year. This is driven by the increasing adoption of automation and generative artificial intelligence technologies, which are poised to enhance productivity and contribute to a net gain of health care jobs.
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This article was written by Danny Schmidt and originally appeared on 2024-05-03. Reprinted with permission from RSM US LLP.
© 2024 RSM US LLP. All rights reserved. https://realeconomy.rsmus.com/robust-jobs-growth-continues-in-health-care/
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