TULSA, Okla. — The U.S. labor market is slowing across multiple sectors, but economists have identified a significant bright spot that's particularly benefiting women workers.
As hiring stagnates in many industries, healthcare continues to show steady growth, driven by America's aging population and increasing demand for medical services.
"Healthcare is an industry where as the American population gets older, we should expect the demand for healthcare services to increase and that's why we're seeing jobs growth continue very steadily in that sector," said Daniel Zhao, Glassdoor chief economist.
July government jobs data reveals the healthcare and social assistance sector made up almost all job growth in the monthly payroll employment report. This trend has significant implications for women in the workforce.
"I thought, that's got to be a high percentage of female employees and indeed, it's almost 80% female," said Laura Ullrich, Indeed Hiring Lab director of economic research.
Meanwhile, sectors that experienced rapid growth just a few years ago, including technology and finance, are now cutting back on hiring.
'No hire, no fire' economy
Economists describe the current job market as "no hire, no fire" — characterized by relatively few layoffs but at the same time employers lacking confidence to expand their workforce.
"Uncertainty really is the theme for 2025. It's been a big driver for why the economy has slowed down over the course of the year, and it is probably the blocker that is going to prevent hiring from picking up through the rest of the year unless some of that uncertainty gets resolved," Zhao said.
This uncertainty particularly impacts entry-level positions and new graduates seeking their first jobs.
"When business owners don't really know about the future direction of the economy, it ultimately results in them trimming back on those entry level positions because they're essentially frozen. They don't know whether to make expansions, to make investments in new teams. And so they might need a skilled worker with experience every now and then, but it's those inexperienced workers who are really the ones who find the hardest time getting a job in a period like now," said Sarah Foster, financial analyst at Bankrate.
Job seekers, especially new college graduates, may feel particularly frustrated in the current market.
While recent college graduates face an unemployment rate close to 6%, the overall unemployment rate for college graduates remains below 3%.
"This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy."
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