OVERVIEW
As COVID-19 cases increased in 1Q20, demand for ICU nurses in affected cities stepped up dramatically. As stay at home orders, elective procedure embargoes, and other restrictions hit late in March 2020, demand fell off dramatically.
Demand is bouncing off the April lows when everything was shut down, but as COVID-19 cases accelerate we expect the incremental demand for labor to come under pressure due to the various problems that creates, such as a stalled economic recovery, reinstatement of restrictions on elective procedures, and likely most important, risk averse patients staying away from medical settings. The employment reports this week did not look good for AMN. Despite many states reopening in the month of May and elective procedures returning in places, many Health Care employment trends remained weak, including General Medical Surgical Hospitals, medical labs, and diagnostic imaging centers. Though June 2020 according to ADP, Healthcare remains well below peak and month over month gains slowed sequentially.
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