OVERView
Health Care Employment increased by 440,000 year over year, the largest increase in our Health Care Labor Demand model which dates back to 2004. For both new and existing ideas, strong demand for health care services reflected in a health care employment peak presents a risky set up with neither a clear mandate on the short side or long side. As economic activity slows globally and in the United States, as we've seen most recently in manufacturing and services ISM readings, will weakness bleed into health care be next? In the near term, 3Q19 doesn't look like the spot for fundamental weakness to show up as Health Care Labor Demand reading across ADP and BLS updates this week suggest growth in 3Q19 should be fine for providers.
For more on Health Care Labor, TDOC, HCA, DXCM, AMN, and GH check out the Chart Book link below.