Healthcare job growth remains strong across all major settings of care. That’s according to Altarum’s monthly Health Sector Economic Indicators report, released Thursday.
Healthcare added 44,700 jobs in November, which Altarum said is consistent with the average of 47,000 new healthcare jobs per month added in 2022. This compares with an average of 9,000 new jobs per month added in 2021. Nursing and residential care added 10,400 jobs in November.
Healthcare wage growth appears to be moderating, according to the report. After peaking at 7.4% growth year over year in July, Altarum said that healthcare wages grew by 5.4% in October, placing the sector closer to economy-wide wage growth of 4.9%. Wage growth fell to 7% in nursing and residential care compared to a peak of 11% back in March.
The Health Care Price Index increased by 2.7% year over year in November, down from 2.9% in October. That jibes with the numbers shown overall for the economy. Per the Consumer Price Index, inflation fell from 7.7% to 7.1% and Producer Price Index price growth fell to 7.4%. Prices for nursing home care were among the fastest growing among healthcare prices.
According to the December HSEI report, national health spending in October grew by 2.1% year over year, driven by a large decline in government support to public health activities. Health spending for the month of October was estimated to account for 17.2% of gross domestic product. Health spending in September accounted for approximately 17.4% of the nation’s GDP. Nominal GDP in October was 7.3% higher than in October 2021 as GDP growth continues to outpace health spending growth, according to the experts.
