In a notable shift for the U.S. labor market, job openings in the private education and healthcare sector have seen a significant decline throughout 2024, both in terms of numbers and the job opening rate.
In 2024, job openings in the private education and healthcare sector saw a sharp decline, with the number of available positions dropping by over 570,000 from January to October.
In January 2024, there were 2.05 million job openings, but by October 2024, this had fallen to 1.48 million, marking a significant reduction of 570,000 openings. This decline in job opportunities reflects a broader slowdown within the sector.
Private Education and Health Services: Key Definitions
Before diving into the data, it’s important to define the scope of the analysis:
- Private Education: This refers to educational institutions that operate on a non-governmental basis. These include private K-12 schools, colleges, universities, and vocational schools.
- Private Health Services: This encompasses healthcare services provided by private entities, such as private hospitals, clinics, nursing homes, outpatient care centers, and other healthcare facilities that are not publicly funded.
Understanding this in Common Terms
Reiterating the point again, by October, the number had decreased to 1.48 million, reflecting a 27.8% reduction over the course of the year.
If we imagine the 2.05 million job openings as 100 job openings in January, by October, you’d only see about 72 job openings.
The job openings rate also decreased significantly in 2024. In January, the rate stood at 7.3% and dropped to 5.3%, falling sharply by two points, the lowest since pandemic levels – such a low rate was observed in December 2020 at 5.0% . This decline in both the number of job openings and the job openings rate indicates a cooling of hiring activity within the sector.
Data Sources
To get the original datasets, please visit
BLS website>Data Tools>Data Retrieval Tools>Multi Screen>Private Education and Health Services>Total US>All areas>JO>All Size Classes>L Level>Seasonally Adjusted and then click Retrieve data to get the dataset.
Job Openings and Labor Turnover Survey- Source 1
| Series Id: | JTS600000000000000JOL |
|---|---|
| Seasonally adjusted | |
| Industry: | Private education and health services |
| State/Region: | Total US |
| Area: | All areas |
| Data Element: | Job openings |
| Size Class: | All size classes |
| Rate/Level: | Level – In Thousands |
Source – 2
| Series Id: | JTS600000000000000JOR |
|---|---|
| Seasonally adjusted | |
| Industry: | Private education and health services |
| State/Region: | Total US |
| Area: | All areas |
| Data Element: | Job openings |
| Size Class: | All size classes |
| Rate/Level: | Rate |
Website – BLS
Also Read – https://maarthandam.com/2025/01/04/trump-calls-for-higher-tariffs-says-theyll-pay-off-american-debt/
Also Read – https://maarthandam.com/2025/01/04/young-professionals-and-mid-career-workers-saw-lowest-median-wage-growth-between-2022-and-2023/
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