America’s labor market has slowed markedly in recent months. If it weren’t for job gains in the health-services sector, it would barely be growing at all.
Health services, which include healthcare and social assistance, have long been an engine of U.S. job growth, bolstering the labor market through thick and thin. But amid a general weakening in the labor market, the danger is that the sector doesn’t have enough gasoline in the tank to keep driving employment forward. Impending Medicaid cuts, for example, could severely slow it down. What is more, the sector might turn out to not be providing as much oomph to job growth as the official data now show.
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