Addressing the complex topic of the economic recovery after the pandemic, first the stock market is making huge moves but does not benefit the 47% of Americans who are not in it. For those half, employment and healthcare are their primary concerns.
Here are the industries with the highest job losses:
The Healthcare industry (under the industry title of Education and Healthservices) lost 2.5million jobs in April. The ambulatory sector comprised 82% of April's job losses which was led by losses in offices of dentists (-503,000), offices of physicians (-243,000), and offices of other health care practitioners (-205,000). Employment also declined in social assistance (-651,000), reflecting job losses in child day care services (-336,000) and individual and family services (-241,000). Nursing care facilities lost 47,200 jobs in April, while residential care facilities shed 26,900 jobs. Community care facilities for the elderly lost 33,400 jobs. Lower wage jobs have suffered the most, indicated by the increase in average wage in hospitals.
Additionally, HC systems cut salaries of those practitioners and employees. The significance is that Health Care has fueled the job gains for the past five years. In December 2019 alone, there was an eye-popping 50,200 new hires. Mayo Clinic said it will furlough or cut the hours of about 30,000 staff members to help offset about $3 billion in losses incurred by the COVID-19 pandemic. Even with the cost-cutting measures, Mayo anticipates a $900 million shortfall this year. The furloughs or reduced hours affect about 42 percent of Mayo Clinic's 70,000 employees across its campuses in Arizona, Florida and Minnesota. According to the American Hospital Association, revenues decreased sharply between March 1 and June 30 at an average of $50.7 billion per month, due to the cancellation of elective surgeries and non-emergency procedures.
As dentists offices, urgent cares, etc open back up, employment will increase though with not to the level prior to the pandemic. Dental office employment accounted for 245,000 of the jobs increase for May. Employment of healthcare occupations was projected to grow 14 percent from 2018 to 2028 by the Bureau of Labor Statistics, much faster than the average for all occupations, adding about 1.9 million new jobs. Healthcare occupations were projected to add more jobs than any of the other occupational groups.
The economy did add 2.5 million jobs in May but half were in leisure and hospitality (1.2 million) with construction being the second most job gains (464k) followed by HC (424K) and retail (368K).
As long as healthcare jobs continue to lag due to revenue losses and job gains in other areas slow as they reach the maximum rates in our new normal, the overall economy will not see a significant employment jump.
</a> from <a href="http://www.reddit.com/r/collapse">r/collapse</a></blockquote>
