Hospital and health system payroll continued to steadily rise in August, according to Fitch Ratings, which expects more of the same in September.
Last month, the average hospital payrolls rose for the 32nd month in a row; ambulatory healthcare services also reported payroll increases for the 43rd consecutive month.
Here are three other key data points from the report:
1. Hospital payroll was up 6.7% since February 2020 in August, reflecting the steep payroll increases through the pandemic. Ambulatory health services reported a 12.6% payroll jump in the same timeframe.
2. Hospitals have averaged adding around 18,650 jobs per month in the last 12 months, reflecting the transition away from contract labor and more emphasis on internal hiring and growth.
3. The average hourly earnings for hospital employees declined in 2024 so far, to around 3% growth year over year.
"In addition to cooling wage inflation, hospital payrolls are showing post-pandemic growth that exceeds payroll growth in the overall private sector, though the growth has not eliminated clinical labor shortages," Fitch states in the report. "Hospitals are still dealing with post-pandemic pent-up service demand, especially from seniors, that has kept labor needs high."