Health Care Industry Is Still Red Hot, But Don't Get Comfortable
Health-care job growth is staying red hot, reports Amednews.com.
Last month alone, the health care sector added 24,100 new positions. According to the Department of Labor, health care is the third-fastest growing area in the U.S. economy. Ahead of it, in No. 2 place is retail, and the No. 1 is professional and business services.
The biggest demand is for nurses as well as occupational and physical therapists. Part of the reason for that is the aging of the population. But all isn't rosy in health care. Yes, new jobs are being created. However, simultaneously there are layoffs. For example, health care facilities that are deemed inefficient are being closed down or merged. In Greenwich Village in New York City, St. Vincent's Hospital was deeply in debt. Last February when that debt stood at $700 million, it began layoffs. In the first round 300 were cut, including medical residents, managers, unionized staff such as nurses, housekeepers and aides. Currently it is in the process of closing.
The lesson here is that no industry and no specific jobs within that sector can be considered a "safe harbor" in terms of demand or employment security. Following a period of scarcity could come glut or oversupply. Too many people rush to be trained in the skills that are in demand. That scarcity-glut dynamic occurred in college teaching, certain practices in law such as intellectual property, and information technology. Those who have adjusted to the volatile economy keep taking inventory of their skills and investigating where else beside their present job or business can be marketable.