Obamacare was once called “The Job-Killing Health Care Law.” But the latest jobs report suggests that the broader economy-and the health care sector, specifically-is adding jobs at a healthy rate.
Since the Affordable Care Act was signed into law in March 2010, the health care industry has gained nearly 1 million jobs-982,300, to be more precise-according to Bureau of Labor Statistics estimates released on Friday.
Meanwhile, the rest of the economy has added 7.7 million jobs since March 2010, and for the first time, more people are working since the recession began five years ago.
Private-sector jobs also grew for the 51st straight month, Justin Wolfers observes at The Upshot, which ties the longest consecutive streak on record and overlaps with the passage of Obamacare 50 months ago. But that streak is piddling compared to health care, which just reported its 131st straight monthof job gains.
Booming growth in the heath care industry shouldn’t come as a surprise. The health care sector was gaining about 25,000 jobs per month in the years before the Affordable Care Act, and the law’s infusion of newly insured patients will help bolster providers’ bottom lines. (More on that in a second.)
We’ve tracked health care employment growth pretty closely on the Advisory Board Daily Briefing, and below, you can see how we’ve modeled out the monthly gains.
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