Wednesday, December 10, 2008

Higher Job Loss and Bigger Health Care Industry

By Ethan Kalvin

In November a staggering 533,000 jobs were lost, bumping the national unemployment rate to 6.7 percent from 6.5 percent, reported The New York Times. Just about every industry is being hit in the weak economy except one; the health care industry.

In the health care sector, 33,800 jobs were added in total for November for a monthly growth of 0.3 percent, reported Modern Healthcare. Further, hospitals and physicians offices are also showing steady growth in 2008. This year, hospitals and physicians offices both increased their employee count by 3.1 percent.

This does make sense, as their will always be a demand for health care. Even when finances are tight, health always takes a priority over other things. Cost for insurance plans are a completely different topic.

But there are other factors to the growth, as well, pointed out one health care analyst. According to Robert Hawkins, an analyst at Stifel Nicolaus, the increasing number of Americans with chronic health conditions such as obesity is one of the main factors in health care growth.

The demand grows when more people have chronic ailments. Hawkins says, "With that volume comes jobs to take care of these folks. - 15224

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