Getting a pulse on the Healthcare Industry

Now with the rapid evolution of Delta and the new wave of cases that have come with it, we see story after story of continued pressure placed on the sector. Workers on the front lines are battling burnout during a wave of the pandemic that is, by and large,most gravely impacting the unvaccinated. Meanwhile, stories emerge almost daily about hospital systems in COVID hotspots on the brink of collapse. With such concerning headlines dominating the news cycle, we decided to take a look at jobs in the healthcare industry to see how they have shifted amid this current wave of the pandemic.

The Healthcare and Social Assistance industry is second only to Retail in having the most job openings right now. Our job market data showed that last month, Healthcare and Social Assistance industry job openings had grown 3.3% month-over-month (close to the current nationwide average of 4.6% growth).

Drilling down further into the industry (utilizing 3-digit NAICS codes) we see that hospitals continue to hold the most job openings.

It appears the share of healthcare jobs in hospitals only increased slightly, at just 0.2% since the June 2020 low. All sub-sectors saw increases in jobs, each closely maintaining their share of open positions in the industry (Nursing and Residential care saw the largest change, at -0.7%). Since the low point last year, overall job openings at hospitals have increased 111%. An even higher rate than the 92% increase the sector saw overall in the same period (June 1, 2020 – August 23, 2021).

Looking more specifically at Hospital job openings in the last few months, we observe more fluctuations in the trajectory. The high point occurred on July 18th with 245,141 hospital job listings in the U.S., and was followed by a fairly significant drop off in listings soon after. Now it appears there may be some leveling off. But looking at the numbers overall, job openings at hospitals have increased 5.2% since June 1, 2021.

Looking more specifically at Hospital job openings in the last few months, we observe more fluctuations in the trajectory. Job openings at hospitals have increased 5.2% since June 1, 2021. A high point occurred on July 18th with 245,141 hospital job listings in the U.S., and was followed by a fairly significant drop off in listings soon after. Now, in the last couple weeks, it appears there may be some leveling off.

Comparing this overall growth in job listings at hospitals with hospitalization rates, we do see a similar trajectory. The CDC reports that since June 1st, 2021, new COVID-19 hospital admissions have grown a staggering 379%. Currently, the number of hospitalized coronavirus patients is sitting above 100,000 for the first time in over 8 months and for the first time since the vaccine has been widely available.

All in all, the industry looks much different today than it did when we last checked in. This time found many businesses that provide health services still grappling with the lingering effects of shutdowns and many health practitioners dealing with the backup from people who delayed preventative care in the early stages of COVID. We’re interested to see how this current phase will continue to unfold and whether healthcare jobs will be increasingly difficult to fill amid the ongoing demands of a pandemic that seems to stretch on and on. We will diligently monitor the data to watch for any patterns that emerge.