The U.S. job market is not weak — but it is slow, marked by stagnant hiring and a shrinking workforce, The Washington Post reported May 18.
However, healthcare is one industry that has remained in growth mode as other industries continue to cut jobs and halt hiring. Healthcare employment increased by 37,300 in April, exceeding the 12-month average of 32,000 new hires. Hospitals added 4,300 jobs in April, while ambulatory healthcare services added 18,200.
As recent college graduates enter one of the toughest entry-level job markets, healthcare could become a bright spot as labor demand remains strong and AI-driven layoffs affect other industries but remain limited in hospitals and health systems.
Here are five numbers to know, per the Post’s analysis of Bureau of Labor Statistics data:
1. 1-to-1 job opening-to-unemployed person ratio. Approximately one job is open for each unemployed person on the job hunt in the U.S., not including those who are employed and searching for a new role. This is up from 2020, when there were five people for every job opening, and down from late 2021, when there were two job openings per unemployed person.
2. A 3.5% hiring rate. The rate of hires as a share of total employment was 3.5% in March, down from a post-pandemic rebound peak of 6.1% and below pre-pandemic levels of around 3.9%.
One reason U.S. organizations have slowed hiring is due to geopolitical tensions, according to the Post. Tariffs have directly affected healthcare, with the White House imposing a 100% tariff April 2 on imported patented pharmaceuticals and their active ingredients. However, drugmakers that signed most-favored-nation pricing agreements with HHS and committed to domestic manufacturing will see no tariff through January 2029.
3. A 2% quitting rate. Among the total U.S. employment, 2% of employees quit their jobs in March, down from a post-pandemic peak of 2.3% and up from 1.2% during the pandemic recession.
4. A 4.3% unemployment rate. Unemployment remained stable in April at 4.3%. One significant reason is that fewer people are working or seeking work, which has reduced the labor force participation rate. Two key drivers are baby boomer retirements and slowing immigration.
Health systems have begun planning for worsening workforce shortages amid increasing retirements, with leaders emphasizing the need for stronger talent pipelines, recruitment and retention.
5. One in 4 have been unemployed for at least six months. Of those unemployed in the U.S., 25% have been unemployed for 27 or more weeks as of March.
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