According to a July 5 report from the U.S. Bureau of Labor Statistics, the number of healthcare jobs increased by 49,000 in June, lower than the average monthly gain of 64,000 over the prior 12 months. The most notable growth occurred in hospitals (+22,000). Nursing and residential care facilities saw growth (+5,000), although this was lower than the gains seen in May (+11,000), and home health care regressed in June (-3,500).
In aggregate, the U.S. added 206,000 non-farm jobs in June. The nation’s unemployment rate changed little at 4.1 percent, just a tick up from the 4.0 percent reported in June, but this measure is higher than a year ago, when the jobless rate was 3.6 percent. The Bureau’s Job Openings and Labor Turnover report for May 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.
