According to a December 8th report from the U.S. Bureau of Labor Statistics, the number of healthcare jobs increased by 77,000 in November, above the average monthly gain of 54,000 over the prior 12 months. The data show job gains in hospitals (+24,000), nursing and residential care facilities (+17,000), and home health care (+6,000). In aggregate, the U.S. added 199,000 non-farm jobs in November.
Employment growth is below the average monthly gain of 240,000 over the prior 12 months but is in line with job growth in recent months. The nation’s unemployment rate edged slightly down to 3.8% in November, compared to 3.9% in October. The Bureau’s Job Openings and Labor Turnover report for October 2023, however, confirms that demand for labor continues to notably exceed supply, with data showing a ratio of 0.7 unemployed persons per job opening – i.e., there are approximately 1.5 jobs for every one individual seeking employment.
