HWS Labor Market Pulse Index Shows Weakening In U.S. Health Care Labor Markets

After major gains last quarter, Las Vegas, Denver and Detroit are top three markets for Q3 2010; Riverside/San Bernardino, New York and Sacramento found to be most sluggish.
By: Health Workforce Solutions LLC
 
Oct. 8, 2010 - PRLog -- The Q3 HWS Labor Market Pulse® Index (LMPI), a quarterly barometer of local market healthcare workforce fluctuations released today, shows the near-term demand for health care workers the strongest in Las Vegas, Denver and Detroit for the third quarter of 2010.  The Riverside/San Bernardino, New York metro and Sacramento markets ranked at the bottom of the 30 markets tracked.  

Among the findings for the third quarter of 2010:

•   Much of the growth was fueled by newly announced or modified expansion plans and/or large-scale hiring announcements at organizations including the Rocky Mountain Hospital for Children in Denver, Carolinas HealthCare System, and West Kendall Baptist Hospital.

•   The LMPI composite index, a representative basket of the 30 largest markets, posted a 14% decrease in the third quarter of 2010 from the 2nd quarter of 2010, after an 18% increase the prior quarter.

•   For the 3rd quarter ended 9/30/10, 10 markets of the 30 tracked by the LMPI showed signs of accelerated expansion (vs. 20 in the prior quarter).

“Despite a drop-off in near-term demand for the quarter, we remain convinced that health care hiring has generally improved over the last year and we expect it to continue through the remainder of the year,” said David Cherner, Managing Partner of Health Workforce Solutions LLC, the company that publishes the HWS Labor Market Pulse® Index. “There are a number of large expansions projects that will be coming on line over the next few quarters and much of the negativity reflected in this quarter’s numbers come from job cuts previously announced.”

In response to demands for local workforce data that provides actionable information, HWS launched Labor Market Pulse® in 2008, a first of-its-kind, centralized and local workforce planning tool for health care employers in several key major markets.  

The launch of the HWS Labor Market Pulse® Index (LMPI) in 2009 expanded the footprint of Labor Market Pulse into 30 markets and now enables meaningful comparison, by tracking elements including temporary health workforce shortages and surpluses, facility and bed closures, announced layoffs and expansions, and local economic trends.  Going forward, the HWS LMPI will be expanded to 36 markets and continue to be tracked on a quarterly basis both individually and in composite indices.

For more information on the HWS Labor Market Pulse® Index, visit www.healthws.com or call 1-877-892-2430 x805.

About Health Workforce Solutions LLC (HWS)
Health Workforce Solutions LLC (HWS) is a leading research and advisory firm focused on workforce issues in health care.  Founded in 2004, the clients of HWS include hospitals and health systems, health plans, professional practice groups and associations, educational and training institutions, foundations and government agencies.   For more information, visit www.healthws.com or call 1-877-892-2430 x805.

About the HWS Labor Market Pulse® Index (LMPI)
The HWS Labor Market Pulse® Index (LMPI) provides a quarterly barometer of local market healthcare workforce expansion and contraction.  Patterned loosely after the Case-Shiller home index, the LMPI identifies and enables comparison of 30 health care labor markets by tracking elements including temporary health workforce shortages and surpluses, facility and bed closures, announced layoffs and expansions, and local economic trends.  The LMPI is published quarterly as part of Labor Market Pulse® and distributed nationally to health care executives, the media and other interested parties. For more information, visit www.labormarketpulse.com.

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About Health Workforce Solutions LLC (HWS)
Health Workforce Solutions LLC (HWS) is a leading research and advisory firm focused on workforce issues in health care. Founded in 2004, the clients of HWS include hospitals and health systems, health plans, professional practice groups and associations, educational and training institutions, foundations and government agencies. For more information, visit www.healthws.com or call 1-877-892-2430 x805.
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Source:Health Workforce Solutions LLC
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Tags:Health, Health Care, Workforce, Labor, Layoffs, Hiring, Staffing
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