Economic Data Continues to Show Health Care Job Demand Exceeds Supply

According to an August 2 report from the U.S. Bureau of Labor Statistics, the number of healthcare jobs increased by 55,000 in July, similar to the average monthly gain of 63,000 over the prior 12 months.

In July, employment rose in home health care services (+22,000), hospitals (+20,000), and nursing and residential care facilities (+9,000). While employment in health care trended up, in aggregate the growth of non-farm jobs in the U.S. slowed in July, up 114,000 compared to 206,000 in June.

The nation's unemployment rate climbed to 4.3%, compared to a rate of 4% in May and 3.6% roughly a year ago. The Bureau's Job Openings and Labor Turnover report for June 2024, in turn, confirms that aggregate demand for labor continues to exceed supply, with data showing a ratio of 0.8 unemployed individuals per job opening (i.e., there are approximately 1.2 jobs for every one person seeking employment).