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Posted by: Michael Mandel on September 20
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.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.