The US economy lost 23,000 jobs last month.
A big driver of the big decline was the healthcare sector.
What’s scarier is this is no surprise…the jobs market has been getting worse by the month for five months.
Oh, and the Labor Department cut its estimate of new jobs in May and June by over 100,000 jobs.
Two things to note - the hospital sector - which has been propping up the jobs market - actually lost 400 jobs last month. Doesn’t sound like a big deal until you recognize healthcare has accounted for more than 4 out of every 5 new jobs since 2021.
What’s happening…
Immigration crackdowns - about one of every four nursing home and home healthcare workers are foreign-born - Trump’s policies have forced those industries to fire Haitian and other workers.
Medicaid cuts - Republicans’ One Big Beautiful Bill slashed Medicaid forcing hospitals to A) provide a LOT more care for free to uninsured people and B) pay workers a LOT more to replace those thrown out of the country.
What does this mean for you?
Higher healthcare costs for employers and families - for those lucky enough to keep their health insurance.
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