What the February Jobs Report Means for Healthcare

Key takeaways:

Healthcare added 21,000 jobs in February
Over the past year, health care employment rose by 361,000
Employment continued to trend up in professional and business services in February (+42,000), in line with average monthly growth over the prior 12 months¹

Over the past year, job seekers have been enjoying the favorable conditions of the labor market. Over the past three months, the market experienced an average monthly gain of 186,000. However, as the old adage says, all good things must come to an end. In February, job growth appeared to stall compared to months prior, with The Labor Department reporting that only 20,000 jobs were created. This was a significant drop compared to the 311,000 new jobs which were reportedly created in January. And while February’s jobs report was not quite as promising as previous months, it is possible February’s slump could simply be a backlash to January’s impressive job growth. Additional findings from the February report include:

In the past 12 months, average hourly earnings have grown by 3.4%
Unemployment rate fell from 4% to 3.8% in January
On average, 186,000 jobs have been added every month for the last three months¹

Naturally, fluctuations within the labor market have benefited some more than others. While healthcare added 21,000 jobs in February, other industries like construction experienced the biggest slump in 6 years. To add to that, the staffing shortages that have plagued healthcare over the past years have allowed job seekers the freedom to change positions with relative ease.

However, these conditions have proven challenging for hiring authorities as they continue to combat staffing shortages in an ever-expanding job market. And while quality leadership and good hiring decisions are essential to maintaining a skilled workforce, many organizations continue to struggle in terms of identifying and attracting talent. In order to do so, many facilities may opt to streamline their hiring processes by working with staffing agencies as well as investing in Human Resources. To learn more about our clinical staffing support, visit our website to speak with a recruiter today. Or, follow us on LinkedIn to receive updates about our hot jobs.

What the February Jobs Report Means for Healthcare

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