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The month of June saw nonfarm payrolls grow by 206,000, “but the growth was narrow” according to a CNBC story. “Health care and social assistance added 82,400 positions, while government grew by 70,000 jobs. Several categories saw employment shrink, including manufacturing and professional and business services.”
As the U.S. population grows older, and Delaware ranks among the oldest states in the country, growth in the health care sector comes as no surprise. “Health care and social assistance have been a key component of the labor market recovery since the pandemic. Ambulatory health services added 22,000 in June, while hospitals grew their payrolls by 21,700. Meanwhile, education accounted for 17,200 of the jobs added to the government sector. Both state and local governments added jobs outside of education, as well.”
All of this sounds encouraging, however, when you consider that 10,000 people a day become retirement eligible—a trend that won’t abate until 2029—it’s likely that these job “growth” figures are largely replacement hires for people leaving the workforce altogether.
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