American health care has historically been resilient to job losses even in bad economic times. During the Great Recession and months that followed, the sector added 600,000 workers even as the broader economy lost 8.5 million. In the last 30 years, the health-care workforce doubled to 16 million, growing more than twice as fast as non-farm payrolls.
Congress allocated $175 billion in grants to help health-care providers make up for lost revenue and handle coronavirus-related costs. That money began flowing in mid-April. It’s unclear whether that will blunt the industry’s job losses the months ahead.
This article was provided by Bloomberg News.