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🚨The US labor market is EXTREMELY weak under the surface: The healthcare sector added 686,000 jobs in 2025. Excluding healthcare, the US labor market would have lost -505,000 jobs in 2025, or -42,000 jobs per month. Since December 2024, healthcare and social assistance has added ~855,000 jobs while the rest of the private sector has lost -322,000 roles. Put differently, the private sector, excl. Healthcare has lost an average of -21,500 jobs per month over this time. Without healthcare hiring, the US jobs market would have been in contraction.

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