Why a 3.9% Unemployment Rate Matters in Home Health Care
Posted on Monday, May 7, 2018 2:01 PM
The unemployment rate fell below 4% in April for the first time in 17 years. According to monthly job numbers released Friday by the Bureau of Labor Statistics, a big factor for the 3.9% Rate was a loss of people counted as workers, therefore dropping the unemployment rate. The number of jobs increased by 164,000 in April but the number of unemployed dropped by 239,000 between March and April. That means more people have given up on finding work and therefore are no longer counted as either working or unemployed. According to a Forbes article reasons include larger college enrolment among millennials, women leaving the workforce and baby boomer retirements.
“This huge gap is an enormous risk factor in the health care continuum, with the total health care industry accounting for 2.3 million new jobs. More than half of new jobs forecast by the Bureau of Labor Statistics, or 1.6 million, will come from personal care aides, home health aides and some types of nurses, according to the report.”
Roughly 10,000 Americans turn 65 years old daily, and this trend is expected to continue for the next 20 years. As we shared here there is already a shortage of in-home caregivers for our aging population. An article by home health care new here, predicts that the home health aide shortage will hit hardest by 2025.
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