Employment Gains as US Health Care Eclipses Manufacturing
(Updates with 2010-2020 projections for job growth throughout the story.)
Feb. 1 (Bloomberg) -- The aging of America may be good for the U.S. labor market.
A growing number of older people and rising health-care spending are driving demand for workers from nursing aides to surgeons. While the economy lost 7.5 million positions during the recession, health care expanded staff. Together with social assistance, it will add more than 5.6 million employees to become the largest job gainer by 2020, according to new projections released today by the Bureau of Labor Statistics. Manufacturing is forecast to lose 73,000 jobs by then.
Health care -- including doctors, nurses and hospitals -- was the largest contributor to employment growth in the past two years, with a 22 percent share that was almost twice as big as manufacturing. The U.S. workforce could use the boost: Monthly payroll gains are running below what’s required to reduce significantly the 8.5 percent jobless rate. Unemployment was 5 percent in December 2007, when the recession began.
“The first baby boomer just turned 65 last year, so when it comes to health-care jobs in America, we haven’t seen nothing yet,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. These jobs “are going to literally explode over the next two decades.”
Almost 87 million, or one in four, Americans will be 65 or older by 2050, according to the Organization for Economic Cooperation and Development.
Lack of Clarity
“The demographic story for health care remains good and will get better,” said Jim Paulsen, who helps oversee about $333 billion as chief investment strategist at Minneapolis-based Wells Capital Management. It still will be hard for investors to pick stocks in the industry, as prospects for hiring and profitability are clouded by lack of clarity on legislation.
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Henke stated that several health insurance plans qualify for people to use the program, including Blue Cross Blue Shield of Minnesota, Humana and Medica. Henke explained that if the program is not well attended, the partnership could be stopped by
The US Supreme Court will hear arguments in late March on President Barack Obama's health-care law, including the requirement that Americans either buy insurance or pay a penalty. Republicans competing for the White House have all said they'll get rid
The US Supreme Court will hear arguments in late March on President Barack Obama's health-care law, including the requirement that Americans either buy insurance or pay a penalty. Republicans competing for the White House have all said they'll get rid
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