The US job market needs help:
Since December 2023, the healthcare and social assistance sector has added +1.76 million jobs.
Over the same period, all other private sector industries have collectively lost -127,800 jobs.
Private sector employment, excluding healthcare, has fallen in 14 of the last 25 months.
As a result, private payrolls excluding healthcare have fallen by an average of -12,000 each month over the last year.
The biggest decline was recorded in February, when -110,000 jobs were shed in these sectors.
The job market has never been more reliant on medical services.