Healthcare's share of recent job growth is rising

Michael Mandel

Continuing our back-and-forth, Kevin Drum writes:

overall job growth has been exceptionally weak this time around; and there's equally no question that healthcare has been the principal standout. On the other hand, since 2003 non-healthcare industries have accounted for about 80% of all new private sector jobs. I'm not sure this really makes the case that healthcare is the main industry keeping our economy afloat.

Kevin, I've got a new chart for you.

In the three months ending July 2006, the healthcare sector accounted for 32% of new private jobs, by far the biggest single contributor. That's way up from early this year.

The bottom line: As the economy and the labor market slow, healthcare is becoming more and more critical as a source of jobs.

    Before it's here, it's on the Bloomberg Terminal.