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Posted by: Michael Mandel on August 03
I’m going to persist in pointing out the obvious…that the non-health portion of the labor market continues to weaken. In July, health and social assistance accounted for 37% of all new jobs.
More striking, the six-month growth in non-health jobs has fallen to its lowest level since 2003. Over the past six months, private-sector jobs—outside of health care and social assistance—has risen by only 456K. That’s about half what it was a year ago.
Take a look at this chart.
As I have noted before, the labor market is being kept afloat by health care—driven by exogenous expenditures which are not tied to the current state of the economy.
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.