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09/17/20 12:51 PM EDT
AMN | December Labor Demand Update | AMN Tracker, Insured Medical Consumer Model, ADP, BLS, and CPS
 
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Tom Tobin
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Emily Evans
 
Takeaway: Labor Demand Data is routinely updated by our team and available to clients upon request. We remain Long AMN in the HC Position Monitor.
 


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Overview

Health Care employment growth began re- accelerating September 2018. Heading into 2020, growth remains near recent highs at 2.5%, but is no longer accelerating. The lack of acceleration is not of immediate concern as it relates to US Medical Economy growth and utilization more broadly.  Key constituents such as Diagnostic Imaging, Hospital, Physician Offices, and Laboratories all remain in a positive trend.  Also, the AMN tracker is trending positively month over month and year over year.

The primary driver of Health Care employment hitting a growth ceiling, which is also echoed in the ADP Health Care Employment data, may be simply that the comparisons are getting more difficult. But there are also signs of deterioration in the aggregate demand Health Care Labor, both in hours and employees, that may mean more slowing ahead.

Link to Chart Book

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Please reach out to HealthCareTeam@Hedgeye.com with any follow-up questions on this data.

Thomas Tobin
Managing Director
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Emily Evans
Managing Director – Health Policy
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