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Despite Rising Unemployment, U.S. Healthcare Industry Projected to Increase Job Rolls

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Includes: IYH, XLV
by: David Hunkar
David Hunkar
Bonds, dividend investing, ETF investing

Healthcare is one of the few sectors in the U.S. that is creating jobs now and is projected to add more jobs in the future.

The Unemployment rate in the U.S. rose to 10.2% in October as per the latest data from the U.S. Bureau of Labor Statistics. The sectors which had the largest job losses were construction, manufacturing, and retail. Another 558,000 persons joined the unemployed rolls which now stand at 15.7 million in the U.S.

US-Unemployment-rate

Source: U.S. Bureau of Labor Statistics

The Healthcare industry added 29,000 new jobs in October. Healthcare is one of the bright spots in the economy for job growth since the recession that started about 23 months ago. The industry has added a total of 597,000 jobs since the start of the recession. The Healthcare sector employs nearly 13.7 million people in the U.S.

The BLS states:

“Before 1960, about 3 percent of private-sector workers were employed in heath care establishments. In recent years, the proportion of workers employed in private-sector health services has exceeded 11 percent.”

Healthcare-job-growth

As America’s 78.2 million baby boomers retire in the next few years, they will require more healthcare services. In addition to the baby boomers, the general increase in population, technological advances in the medical field, increased stress levels among the general population and new diseases are going to create the need for additional healthcare services as well. Though healthcare is a highly regulated field, there will be plenty of potential for anyone interested in making a career in this field.