The healthcare industry's employment spree has continued into autumn with an increase of 44,900 jobs in October.
Healthcare has now created almost 407,000 jobs so far in 2015, which almost equals the 410,000 jobs the industry added in 2013 and 2014 combined. Nearly 11% of all U.S. nonfarm jobs are now in healthcare.
When factoring in upward revisions from August and September, healthcare actually added 61,000 new jobs, according to preliminary figures from the Bureau of Labor Statistics. Hospitals again led the way by hiring 17,800 people in October and have added almost 148,000 people to their payrolls this year.
However, the continued growth of healthcare jobs, many of which are high paying, brings the nation's healthcare tab into question. Spending on healthcare services has increased at historical lows the past few years, but those expenses have inflated more quickly in 2014 and thus far in 2015. Prescription drugs and health insurance administration have fueled some of the uptick. More money is also being used to pay healthcare's growing labor force.
“It's not sustainable,” Paul Hughes-Cromwick, a senior health economist at the Altarum Institute's Center for Sustainable Health Spending, said of job growth in healthcare. “You don't have to be a health economist to say this raises alarms.”